I bought my house 3 years ago at the height of the housing market and got a good 30 year loan with a fixed good rate that everybody could have received who bought in the complex. It seem like everybody else around me must have done something different because they are in foreclosure. The value of my condo has dropped more than 60% because of these deadbeats and the garbage banks who loaned them the money to them. Right now, I can afford my payment without any probelm, but I am in and industry that i know is going under and I am guessing I will be laid of very soon. Most people that I know say that I should just give up my condo to the banks and let them deal with it because of their shotty loan practices. Ethically, I think it is totally wrong because I can deal with the payment and entered into the contract with them, but I always have in the back of my mind that they loaned money to crap people who they knew would never be able to make payments.
It is just horrible seeing somenody paying 1/2 the payment that I am paying to live in basically the same place.