I purchased a home in AZ at the top of the market now its worth way less than I owe. ?

Question

I purchased a home in AZ at the top of the market. I got a 30 year fixed loan, now my house is worth way less than we owe. What is the best way to got out of my house without hurting my credit?

Answer 1

you have a 30 year fixed, you can afford the payments so just ride the downturn out. A home is supposed to be a long term investment and as with the stock market there are ups and downs. Selling is not an option as you cannot get what you owe,  Foreclosure is not an option as it will ruin your credit.  Just keep paying and hold on for the long term as in the past it will improve

Answer 2

you have a fixed rate, and you didn't say you couldn't afford the payments.  If you like the home and can afford the payments, then why not just stay and pay?  Just because it isn't worth as much now doesn't mean you have the option of walking away.

Answer 3

the CORRECT thing to do is sell the house and YOU PAY the difference.  This is a black and white issue.  

If the property increased, you wouldn't be asking this type of question.

Answer 4

You could rent it out to someone for at least the amount of your payment. Your payment is covered and you can move on. Don't worry. The market will eventually recover. Don't be afraid of landlording either, the naysayers will have an endless supply of horror stories but I have found its not that big of a deal, just perservere.

Answer 5

well the only way to do it without hurting your credit is to sell it take the loss repay what ever you still owe on the loan...but i dont think it sounds like thats what you want to do...so u could hand back the keys like every1 else & get bankrupted or blacklisted...or just keep up the payments & eventually the market will recover

Answer 6

Join the club. you and 20 million other people. why do you want to get out? are you relocating for a job? - there is no way out without it affecting your credit