Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Upside down with our mortgage, but wanting to relocate. Any advice?
I'm normally a lurker but looking to get advice on our current home situation. Right now we owe roughly $170,000 on our mortgage. We haven't had an actual appraisal yet, however our neighborhood was hit extremely hard by the downturn of the market and most of the homes in our subdivision (that were originally worth anywhere from $150,000 to $220,000) were only selling for roughly $110,000 to $120,000. This obviously has killed our house value.
Neither one of us has the best credit, and we don't have enough in savings to cover a deficiency. We would however really like to get away from the area we are at and relocate to another part of the state. Has anyone had to deal with something similar? If so, I would love some advice on how to proceed or to hear what your experience was. TIA!
Re: Upside down with our mortgage, but wanting to relocate. Any advice?
We purchased the home in 2006. It was a new build and we thought we were making a great investment. 5 months later, the market fell and we haven't been able to recover since.
We fenced in the yard and we finished the full basement and added a half bath down there. However, since the basement doesn't technically have an emergency exit to the outside, we aren't able to count that in the square footage. We have been hesitant to make any other upgrades, because with as low as the value has dropped, we have been worried that whatever money we put into it, wouldn't be recouped.