Home in Miami

Seven and a half years ago on February 2007 Maricela was looking to buy a home in Miami but without credit no bank wanted to giver her a loan so I join in with her so the bank would have me as the borrower not knowing that seven  years later her home would only be worth a fourth of what she paid. If we had known that, we would have waited to buy after the home market crushed two years later but here we are today refinancing it for what she owes because she is not able to sell it, she is stuck with that property and I am stuck with the debt in my name. 

The idea was to sell that home by now and use the proceeds from the sale to  buy another home in a better area. Homes had been appraising so well each year that we thought it would continue the trend for sure. Instead each year the home took a dive in value so people would tell us to foreclose and have the bank deal with the loss, not us, one thing we would never do is intentionally not pay our debts. We are honorable people and we are honest in all our dealings. The only good thing about the housing market or the stock market is that eventually someday it will be worth the same as it was when she bought it even if it takes another seven years but the day will come so we hope. Mari told me that she could be in that home five more years because she likes the Elementary school Manu attends but once he goes into Middle school, she will not live in that home. I wish she moves now and leaves Miami for good and goes to a more kid friendly neighborhood in Utah or Idaho to be near family but she is the only one who knows what is best for her, because what is best for her is ultimately best for Manu.