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Another wonderful necro.However, this post is a posterchild to how people are able to give incredibly bad advice and get a away with it.California property that was $200K underwater 15 months ago is certainly underwater more than $200K now. Every penny of principal paid in the last 15 months evaporated, plus more to boot.Assuming you have only one mortgage, never took money out etc etc, yes, given that you live in the land of fruits and nuts (thats how the rest of the country thinks of California), you should have walked away back in December 2008. Things have only gone from bad to worse and you won't see that 200+K loss for a decade if you are lucky.More than likely you would have had 15 months to repair your credit, and saved a tremendous amount by being a renter during that time period.Regards
Buying a home is not easy, don't throw it away. It will be some time before you will qualify again. Renting after you've been a home owner is not easy. Paying rent is throwing money away and paying someone else mortgage. I understand it's frustrating dealing with your lender. Lender's are being acused of really bad service when it comes to loan mods. They are under staffed and many are new employees.Do exhaust all your efforts and possibilities. In the long run your homes value will come back. In the meantime enjoy the tax benefits of owning.Good Luck
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