One in six homeowners is "upside down" or "under water" in their home: Their mortgage debt is higher than the value of the house.
They are prisoners in their own homes, for they cannot sell the house. They cannot move to take another job without defaulting.
They are stuck and they are going to be stuck for a long time.
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That's us in a nutshell. Stuck. And my job moves two hours away next August.
If the bank can't work with us, they'll have another empty house on their hands. We feel like we have nothing to lose at this point.
And a quick look at the classifieds shows that there are plenty of rentals for much less than we're paying for our mortgage.
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