Quote:
Originally Posted by davew
Did you miss payments and get foreclosed and kicked to the street, losing all previous payment because you were upside down on the property? If not, how did you lose? In most places, a lower appraisal means lower property taxes - Chicago may be an exception.
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I lost because my house's value quickly decreased by the exact same 25% that I put as a down-payment...thereby making it seem as if I gave no down-payment at all. It was as if I flushed that 25% down the toilet. And, in the last 12 years, my property taxes for my Chicago-area home have gone
UP by 53%...while my house's value now stands at only 79% of what I paid for it. Of course, as AndyC stated, I may still see the house's value climb to its purchase price...if I live long enough. But still...I wish I had taken that 25% down-payment to Las Vegas instead...
