I feel bad for him...but barely, because I was there.
We bought in SoCal for $385k in 2006, and just finished a short sale in 2011 for $202k. We made a mistake then...I lost my job in 2010 and now we are paying for it.
And I am very happy renting, with my family intact, in Wisconsin.
I feel bad about my house going down in value by 30%, I can’t imagine losing 2/3rds of the value. I’m stuck too. If I file bankruptcy, it may sting, but that only lasts 7 years. I can’t wait 20 years for my house to get back to where it was.
What happens to the balance on your house? Are you on the hook for the difference?