Michael Keigans is “underwater” on his mortgage, owing $80,000 more than his Deerfield Beach house is worth.
Keigans figures it could take a decade or two to recover the lost equity, so he’s tempted to walk away, even though he has the money to pay. “Why keep putting money into a house that’s going down in value?” he asks.
It’s a question being debated in many households nationwide as the housing crunch continues.
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