This basically sums up what most people here are going through

Forum post from 85239.com (the local website)

I am sure many, if not most of you on this forum might be in the same situation I am in, but I need to vent.

We purchased our home with 10% down over two years ago for $249000, we have a conventional 30-year fixed loan, and make enough to cover all our costs. We did everything right...you would think.

Now, as is the case with many, our home is worth about 85k, if lucky, and am VERY fearful we will be stuck here for the next 20 friggin years before we even break even.

Meanwhile, those that didnt do things right, and got themselves into homes that they cant afford, are going to reap the reward of the bailout this October, when we make too much to qualify (Just under the 31% or whatever it is of total income goes to pay mortgage). No offense to those that couldnt help falling into this situation, this help is meant to help you, not dumbarse who didnt plan properly.

It is just funny to me that Joe Schmo down the street gets assistance when he screwed up, while many of us have to drown in homes that are so far upside down, we might as well section a part of our back yards out for plots, because we are probably gonna die in these homes we will be here so long.

Lord knows I dont want to contribute to the problem, but the short sale, or walk away is looking better and better now, esecially when I can save nearly $600 a month on gas, and mortgage payment alone if I move back to Chandler/Gilbert.