I periodically check the value of my home & condo on Zillow.com  and did so this week. Both properties’ values have dropped. Not long ago the z-estimate for the condo was $200,000. The value has dropped to $180,000. Not an issue when you owe nothing on the property.

With the house however it is a different situation. The z-estimate has dropped by about $15,000.  I have both a 1st & a 2nd trust (remember the heyday of the housing market?). I owe less than $50,000 on the 2nd trust. But it feels like a noose around my neck.

I’m underwater. I can’t refinance and obtain a lower rate. I am making extra principal payments every pay period but it is still a slow moving debt snowball (Dave Ramsey parlance).

I don’t  expect sympathy. I am being frank.

It’s not a good feeling. I am the gerbel going around & around & around. And as I am spinning, the water is now above my head.


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