I recently received my state tax assessment for my house in maryland. I was shocked to see that the value of the house has dropped by $100k since 2007.
How did this happen? Lots of fraud and foreclosures around me.
In case you were wondering, yes, i'm underwater. My prayer has been for continued trust in the Lord in this situation. Anxiety would not be God-honoring and rash decisions would result in huge financial losses.
I think that i'm officially "in it" for the long term. Exactly where I don't want to be, but that is the only option.
Have i considered walking away? Yes. But i'm convinced that to do so would be a sin. Texts like "The wicked borrows and does not pay back" have a hold of my conscience. Also - I wouldn't have considered walking away from the mortgage had the house maintained its value nor would I have done so if the house had appreciated in value.
There is the temptation to feel like a sucker in all of this. The people committing fraud and walking away from their mortgages are only making things worse for me and I sit around like a fool just losing money.
But the Lord sees all of this and he is faithful. Please keep me in prayer.