Underwater Mortgages Causing Downward Economic Spiral

Right now I am going through a condo refi that is going to reduce my payment by almost $500 per month. Since all the tax laws are always in a flex mode since I can't remember when that started probably when Bush said "Madame Speaker", I believe that I can double down on my payments and own the property within less time. Altho I am paying a kings ransom for this property, I will not walk away from it because in the future, I will be the controlling party of the occupancy or "rental" of this piece of property. I can occupy it myself or rent it out for income that could be needed. I like the location so for me it is always location, location, location and not "price" and/or "interest" rate or terms of mortgage. If they would pin down the tax laws then as a very small business person, I could easily work around all the banking crap. And I am totally prepared to pay down the mortgage with or without a refi and less interest rate loan! So in my vernacular GFY --good for you those who would bring me down.

Kathryn Wright of CA 8:26PM July 18, 2012