Posted on: 05th Jun, 2011 04:41 am
i am looking at taking a job in another city. i have not lost my current job so it is purely a voluntary change of employment. i won't be able to afford the mortgage on my current house and rent on a residence in the new city. i also have a second mortgage for siding that is tied to the house. we are already almost a month behind on my mortgage. i am paying just in time to keep us from being 30 days late. although, in the past there have been a couple times where i have been 30 days late. so we are struggling financially with the mortgage and other debt but didn't qualify for any kind of payment restructure when i applied through the mortgage lender. we do not qualify for bankruptcy as we are still in the timeframe where we can't file due to a previous bankruptcy. if i just stop paying my mortgage and move for the new job, what issues am i going to cause myself besides a hit to my already bad credit rating? i have family that is willing to rent to us in the new city so that won't be an issue.
well, if you can find a rental that readily, what's stopping you from moving? your credit is tarnished, and you're considering filing bankruptcy again, which will only provoke a greater dip in credit scores down the line.
of course, once you begin to fall further behind on your mortgage payments, you'll be that much closer to qualifying for assistance. then again, since you won't be occupying the home any longer, the lender is far less willing to offer and/or grant such assistance - another conundrum.
why not consider selling the home? you didn't raise that possibility in your post - is there a good reason why you wouldn't try to sell?
of course, once you begin to fall further behind on your mortgage payments, you'll be that much closer to qualifying for assistance. then again, since you won't be occupying the home any longer, the lender is far less willing to offer and/or grant such assistance - another conundrum.
why not consider selling the home? you didn't raise that possibility in your post - is there a good reason why you wouldn't try to sell?