Just admit that it was a bad gamble
Pay special attention to the following quote that you will hear in the video:
“Why pay a $3,200 payment on a 1200-square-foot home? It makes no sense,” Stephanie Valdez adds.
“That’s what you agreed to do when you bought the house,” Kroft points out.
“Fine. If the value is going up. But we’re not going anywhere. The price or the value is going down. It makes no sense because we will never be able to refinance and get a lower payment. There’s no way,” Stephanie Valdez replies.
Here in the California market, folks were making a killing during the height of the market. Many (NOT ALL) of these folks knew they were taking a risk, but assumed that values would increase. As we can see today, it didn’t.
