I have been watching the mortgage interest rates....trying to figure out if we can do a refi. Doesn't really matter at this point.
Using some internet sites that give you an idea of market value of your home, we are screwed. Houses on our street and a few that are considered "comps" have dropped somewhere in the neighborhood of $30-$40k. Zillow.com has OUR house at $25k less than 4 months ago.
If these numbers are to be trusted, our house is now mortgaged for roughly $8k more than it's value. So a refi is out of the question. We would have to come up with even more money than we originally thought, and since we can't even come up with the first number....the second is out of the realm of possibility.
The housing market here really does stink. Even if we did sell for the current value, add in commission and expenses....we would probably owe $15k after the sale.
Things really are going to get drastic soon. I think G-man and I will talk on Friday when we are both home. Not sure where to go from here.