Being cruel is not going to help anyone make a good and right decision. He posted on this website because he's conflicted and looking for advice. Some of you can be down right mean, that being said ... forclosure is not a good decision. Some things in life require commitment and yes, sacrifice. A home, the American dream is worth holding on to. Let's talk furture for just a minute. you're worried about not having "funny money" now ... your thoughts all seem to be focused on the now. How about in your future? You will not be able to buy another house for a looong time. And don't think the mortgage companies are not on to people buying 2nd houses while still owning the first ... especially if that first is close by and in Maricopa. I know Maricopa isn't necessarily what we all thought it would be when we bought ... but in some ways it's better. Small town over big city ... and being from NY I'll tell you, living close doesn't mean lower prices at all ..... you pay for that location. That being said, think this through, you may not see a ball game now, but I still believe in years down the road, Maricopa will pay off and you'll be glad you didn't completely trash your credit ... which by the way affects much more than your ability to buy big things, but could affect your ability to get insurance and even a job. "There 'aint no such thing as a free lunch!"

I don't understand the OP and his motive.  Is he bragging or looking for sympathy?

My anger and frustration has to do with people buying homes they can't afford and deciding that "walking away" and/or foreclosing is the answer. My family has made sacrifices to live out here but they have nothing to do with the economy crisis we are in. We knew before we moved that we would need to pay more for gas, our vehicles would get more wear and tear, schools aren't all that great but they are doing their job at educating my child, we wouldn't be able to go to as many sporting events as we would like, and on and on. So I guess what I am trying to say is we planned before we moved here. So you can se where my frustration and anger lies. Why is it so hard for others to plan that?

Not everyone is good at planning for things.  Also, when did you decide to move here?  We have been here for three years now, and yes we DID plan.  But there are always cercumstances that are not always your fault, (such as a loss of a job, etc.)  Everyone is different, and that is the beauty!  No not everyone is going to be just like you!  I commend you for all of your hard work and sacrfices that your family has made to live here.  Maybe at the time the OP bought his home they could afford it, and then boom "life happened!"  Let's try to keep in mind that everyone is struggling and sacrificing, but let's face it Maricopa has not taken off like everyone thought it would.  It will still be YEARS before our little city bounces back.  Good for all of you who are determined to "stick" it out, and for those who decide that it is not in the best interest for "THEIR FAMILY" to stay here so be it.  Wish them well and move on raising your own family, stop worrying about what everyone else is doing.  You know the old saying, "When you point a finger at someone else, you have 4 pointing right back at yourself".

Regancolston ... you had me ok until you said this: "...and for those who decide that it is not in the best interest for "THEIR FAMILY" to stay here so be it. Wish them well and move on raising your own family, stop worrying about what everyone else is doing. "

What other people are doing in regards to the real estate market in MY city is my concern, you see it decreases MY property values when FOR SALE signs go up by the masses and when you Forclose on your house because you decided life got in the way of your "funny money" (what is that anyway?) it affects MY property values and MY investment. So for those of you truly experiencing hardship, I'm sincerely sorry. For those of you experiencing what the rest of us are experiencing, that the real estate market took a tumble, but WILL BOUNCE BACK .... instead of waiting it out like the rest of us, ... (no market is up all the time, not real estate or the stock market) you make impulsive decisions to walk away ... then yes ....... it affects me!!!!!!!

So just because the OPs American dream of home ownership doesn't look like the dream that some of you hold then they are bad? Get real. Many of us only look at a house as an investment. When the investment goes south, to protect your financial package you do what you need to do. Its not an emotional decision for a lot of us, its a financial decision. If we bought stock at the same time and the market in which we bought was going to experience problems, dumping that stock may not be a bad idea. You folks that planned so hard and are hanging onto the fact that the market may turn around around, good for you. You just hang in there and maybe sometime in 10 years you will be able to sell your house for what you owe on it. Also when you folks made your "Planned" thought out decision to buy out here it was for either the fact that you bought 3 years ago when there were no houses available anywhere else like Gilbert or you bought in early before that trend so you could take advantage of the low house prices and eventually flip. Not all fall into these categories but most do. You folks need to break out of the paradigm that you need to keep your house because its the American thing to do. The Americans with the money will dump a bad investment quickly and move on. Thats the way it works. Everybody has their own reasons for doing what they do and trying to pin on them the fact that they make your housing value go down is a crock load. If you planned so well at the beginning you should have seen that houses would not keep going up in value in Maricopa and taken appropriate action then so your "neighbor" wouldn't put you in such a bad "perceived" position by having a for sale sign on their house. Just my two cents.

Gizmo, I'm curious, when you stated: "The Americans with the money will dump a bad investment quickly and move on. Thats the way it works. " I get that .. but do American with money destroy their credit every time an investment goes bad? Is that really the way it works??? Hhhmmm.... AND
"Everybody has their own reasons for doing what they do and trying to pin on them the fact that they make your housing value go down is a crock load. If you planned so well at the beginning you should have seen that houses would not keep going up in value in Maricopa and taken appropriate action then so your "neighbor" wouldn't put you in such a bad "perceived" position by having a for sale sign on their house." I say this with all do respect ... but are you kidding me? The forclosures and mass of FOR SALE's didn't just hurt Maricopa and those who didn't "plan" it, it hurt the entire country ... have you followed any of the presidential election? These guys have platforms that deal with the "housing crisis" there must be something to it. That's an awfully high horse you sit on. Just my two cents.

I'm not struggling....and I think Maricopa has done great since the three I decided to live here. Wal-Mart will be open in 6 months...so exactly what is wrong with Maricopa?

PS Got a look at the new high school last week....damn fine job to the builders!!! My kids love going there.

Isn't it best to only pay cash for everything anyway? Seems to me like the safest route to take in buying anything is if you can't afford to pay for it with cash, then don't buy it! This would stop alot of the dumb decisions that folks are making these days. By the way, I am not a proponent of walking away from a house. I am just stating the laws of Arizona and the federal government. Its nice when folks have all the info in hand before they make decisions. Its also fun getting you folks stirred up. Its fun and thats the way I roll.