One of the biggest fears many homeowners have is waking up one day and discovering that they owe more on the mortgage than their house is actually worth. While that may be trouble for those who absolutely positively have to move, it’s really no big deal for those who don’t — so don’t panic. Unlike underwater stocks, homes with upside down mortgages still have intrinsic value. Remember, you can only lose money on an upside mortgage if you sell.
The bottom line: Selling your home simply because you owe more than it’s worth is foolish — especially if it’s meeting your needs.
Photo Credit: Thomas Quine