Thread: Underwater life
View Single Post
  #2   Report Post  
posted to rec.boats
Wayne.B Wayne.B is offline
external usenet poster
 
First recorded activity by BoatBanter: Jul 2006
Posts: 10,492
Default Underwater life

On Thu, 19 Feb 2009 07:33:55 -0800 (PST), Frogwatch
wrote:

It happens to many of us, we make one of the biggest purchases we will
ever make and soon after we begin making payments we find ourselves
“underwater” on it with it being worth less than we owe. Should we
just walk away or stay in it? If you just stay with it for long
enough and continue making payments, eventually you will be above
water but that will take a long time. Maybe I should ask for a
bailout. If I call my loan for my new truck a mortgage do you think I
will qualify for the Obama bailout?


I know you're being facetious but almost all vehicle loans are
underwater from day one unless you put up a really substantial down
payment.