Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

3 of 6
BACKNEXT
Considering: Pat Conroy
As a first-time homebuyer, I bought a condo in West Los Angeles. I worked hard and put 20% down on the $465,000 price and took a 30-year fixed mortgage. My credit score is 700 plus. I'm a lender's dream - you would think.

But the value of the condo has dropped 20%, which isn't terrible. I'm still slightly on the plus-side, supposedly, but there's no market; no one is buying. Meanwhile, my income - I'm an executive recruiter - has dropped 75%.

The kicker is that banks won't refinance my loan. My savings are almost exhausted, and I'm considering walking away. It's interesting that I can't get a refi from my original lender

I've always been a hard worker, paid my way through college and scrimped to save for a downpayment. If I could get a refinance to lower my interest rate - I'm paying 6.25% right now - and extend the term out to 30 years (I have 27 years left on my mortgage), I could save $400 a month.

If I walk away, I would look at it as a business decision. But I also look at it from a responsibility viewpoint, and as long as I can afford my mortgage, I'll pay it.

NEXT: Considering: Ben Franklin
Last updated November 24 2009: 11:47 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The 7 biggest investment mistakes celebrities make From betting too heavily on real estate to overestimating future earnings, here are 7 of the most common money mistakes that celebrities make. More
Cotton candy, toothpicks, pet gel -- these products are all made from marijuana Legal cannabis, an estimated $5.4 billion industry, is drawing in entrepreneurs with a variety of innovative products -- from skin patches to pain relief gel for pets. More
Coolest hotel bars for business travelers CNNMoney asked two concierge services for high-flying business people what hotel bars they'd recommend in 5 major U.S. cities. Here are their favorite spots. More

Special Offer