Now their condo is worth only about $175,000, putting the two-income couple among the millions of homeowners whose mortgages are now "underwater" -- meaning they owe the bank more than they can sell their house for.
Their condo association has already whacked them with a one-time fee of $500 to make up for other homeowners who were foreclosed. And their monthly fees have gone up permanently by $100. That's a tough nut to swallow for Jovic, 30, and Sara, 28, whose combined income is between $80,000 and $90,000. They are thinking of starting a family, but they are unsure given the volatile economic times.
"I think the government should help people like me, or the bank should be willing to adjust the loan fairly -- at least make it based on market value now," Jovic said.
at 5:18 PM on Feb. 20, 2009