I was in that situation and probably on paper we should have walked from an underwater house. But we could afford the payment, so we stayed.
The only really annoying thing was waiting ten years until the value went back up enough that we could refinance from the relatively high rates we had been paying. Annoying to be paying 8% when you could get 3% but you can’t refinance because you don’t have the cash to become not underwater.
I was in that situation and probably on paper we should have walked from an underwater house. But we could afford the payment, so we stayed.
The only really annoying thing was waiting ten years until the value went back up enough that we could refinance from the relatively high rates we had been paying. Annoying to be paying 8% when you could get 3% but you can’t refinance because you don’t have the cash to become not underwater.