This on boggles the mind.
If you have an income that is dropping and you are in a negative equity position on a condo in one of the most overpriced cities in North America what should you do?
At least one financial planner says hold on tight!
She does have a way out. Lisa could sell the condo, pay off her loans, and walk away. She would be free to rent equivalent space and save perhaps $500 a month. She would be mobile, could easily take jobs in other cities and would be free of debt. However, she would have given up a good asset in valuable real estate. Moreover, unless she can get $350,000 or more for the condo, she would be in a deficit position after selling and moving costs.