I Am Upside Down, Now What? [Part 1]

I’m upside down, now what?

We hear more and more these days about the growing number of home owners falling behind on their mortgage payments.

With the over development of housing in San Diego county and especially in east chula vista during the peak of the housing bubble, it makes sense that these areas would be highly impacted by rising delinquencies and foreclosures.
According to my research, Chula Vista home values hace lost an average of 35% between Dec 06′ to May 09′. To put this in perspective, a property purchased in Rolling Hills Ranch was sold in late 2006 for $925,000 and is currently being marketed at. $599,000. With such a significant drop thoughout the neighborhood, home owners are struggling with the idea of paying 1/3 more per month than their neighbors.

It has come to my attention that the idea of “planned foreclosure” has been circulating in the media. In my opinion, running away from your obligations because of a feeling of entitlement or envy “they are paying less so I shouldn’t have to pay more” is so ridiculous and just dishonorable. It seems to me that the media has almost encouraged non responsibility through movies and television portraying characters living their lives with no regards for consequences.
This is real life and you should be responsible for your actions. If nothing has changed for you finacially, you made the choice of buying a home, because you could afford to then, the same way you can now. The only thing which has changed is your self serving belief that you’re entitled to the same payments as your new neighbor. Get over yourself and be grateful thar you can afford your payments and you do have a roof over your head.

I guess this is a matter of perspective but every one has a sense of right and wrong.

Stay tuned for part 2 of this series. I will go over home owners experiencing financial difficulties and how to navigate the situation.

About Daniel Di Matteo

Realtor at CENTURY 21 Award, Daniel was Voted U-T San Diego’s Best Real Estate Agent in 2014. A Husband, Father, and most recently, accomplished Blog writer, which explains your visit today.