This has nothing to do with how I feel about you. I don't know you nor do I know much of the details in your situation. From the few facts I am privy to - if it was me and I was young - I'd be glad to get the heck out of the deal. You say you bought at $30K below market value? How much was the total price? Heck, you can buy a small house for $10K that's livable, and an even nicer one for $30K. Probably not in the area of your choice though. There are many rural to semi-rural properties going cheap that will hold their values - and at the same times - urban properties are gettting bull-dozed (like old Detroit).
I'm in my late 60s and I've had one mortgage in my life and one car loan in my life. Also raised four kids and am working on a fifth. After having one mortgage and one car loan in the 70s, I figured I never wanted to borrow money again and I never have. To make something clear, I've never been a high-earner - at least not as anyone's employee. My wife was laid off from her job three years ago - so we have little income from conventional paychecks. 15 years ago I broke my neck and both legs and had to cash in all my savings to live off it. I couldn't work for two years. So yeah, stuff happens. We survived because we had no debts - but it was difficult. Certainly no government agency came to help us.
In brief, my wife and I have been very careful with our own money. Yet - our tax dollars are being taken to support people with failed mortgages - many of whom were NOT careful. Yes some were dilligent and got stuck in a hole, but the bulk of them were careless and other tax-payers should not be bailing them out. There is a growing mentality in this country of not being responsible for our own actions.
As to property values falling by 50% in one year? That is extremely rare to happen without prior warning signs. True market values are slow trends over time - not sporadic highs and lows. I do two Websites for real-estate companies and keep a close eye on sales-trends. It still amazes me when people buy homes in peak markets for "investments."
Again, I know little about your particular situation. If you saved up a substantial down payment and have it all invested in a house - then I can see trying to hang on within reason.
Owning a house is a lot of work. Especially a "fixer-upper." I can't imagine a person with limited funds doing it unless he/she does most-to-all their own work. I rehab houses but do all my own masonry, plumbing, wiring, dirt moving, roofing, etc. I can't imagine trying to make mortgage payments, tax payments, home insurance payments, and then rely on contractors to fix every problem.
I'll try to make clear one more time - since a few posters chose to misread and complain. I do not know much about your specific situation and I'm not accusing you personally of anything.
I'm also well aware of how difficult dealing with banks can be - especially with secondary mortgage holders. That does not mean they are committing fraud though as many claim.
Last year, a guy near me asked if I was interested in buying his home. It was being foreclosed on and he knew I liked his woods and fields. He had a 90K mortgage and owed back taxes for two years ($6000 worth). He just wanted out, i.e. no plans or desire to try keep the house. So he gave me the bank phone number. It was a bank in California (I'm in New York). I asked for a payout quote and they refused to give me one. I was willing to pay $40K cash for the house. A few months later - that bank let the house get taken by the county for back taxes. I.e. the bank sold it for $6000 !! Does that make any sense? NOT to me. But it's not fraud either. I offered $40K and they sold it to the county for $6K. Later at the county tax sale it sold for $21K.
If current market values are way down where your house is - the bank ought to be glad to have a person willing to maintain it and make payments (like you,I assume). But if they chose NOT to, it should be their option without contest. I assume it's all in the contract that was signed. Trying to force them to do otherwise by using lawyers is - in my opinion - immoral. They stuck to their end of the deal, and from what you've stated - you did not. You are financially and emotionally involved. The bank doesn't have the emotional attachment and may not even do what seems to make financial sense. But, it IS their right.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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