I found this interesting information on CNN Money and thought it worth sharing. This real estate market is not for the faint of heart.
The question is, "How long can this last?" if any one has the answer please let me know. So many people are upside down in their properties right now and wondering if it is worth waiting it out or is now the time to find a way out. Jingle mail is back big time. It is hard to think of making payments on a house that is not worth as much as your mortgage. When is one throwing good money after bad? Is there a moral issue in just walking away from your mortgage? How long does a foreclosure usually hurt one's credit and can you ever get another mortgage? If there are any accountants or loan brokers out there that would like to comment on this please, I welcome your post.