Recently got word I could be out of job this fall.
I bought my house in at the end of 2005, right before the housing bubble burst and the economy went in the tank. So I am starting the fifth year of my fixed-rate, 30-year mortgage.
Should I put my home up for sale ASAP? There is a chance I could stay on at work in some fashion, but it might be less than 40 hours per week with no benefits. Outside of that, where I live, you really only have service industry type jobs, nothing that will pay a whole lot.
The cost of living is very reasonable and my home is not a mansion, so hopefully it would be a little easier to move. And this is the one time I am glad that I have not found Miss Right, so at least I don't have a wife and children to worry about.
I will also have the chance to apply for another job with the same company but in another state. That would be full time with benefits. Of course, there is no guarantee I get that job.
So as you can see there are variables involved, but at least there are options. I am just trying to figure out if putting the house up for sale right away is the best thing to do. If it sells and I decided to stay in the same city, I could always rent.
And what about letting it go into foreclosure. I have read where people say just quit paying your mortgage, they won't throw you out overnight, and save that money. Supposedly you can last in your house another 12 or 13 months doing this? (I have had a good payment history.) But that always scared me because it would seem like it would wreck your credit rating forever.
Thanks in advance for any suggestions.
I bought my house in at the end of 2005, right before the housing bubble burst and the economy went in the tank. So I am starting the fifth year of my fixed-rate, 30-year mortgage.
Should I put my home up for sale ASAP? There is a chance I could stay on at work in some fashion, but it might be less than 40 hours per week with no benefits. Outside of that, where I live, you really only have service industry type jobs, nothing that will pay a whole lot.
The cost of living is very reasonable and my home is not a mansion, so hopefully it would be a little easier to move. And this is the one time I am glad that I have not found Miss Right, so at least I don't have a wife and children to worry about.
I will also have the chance to apply for another job with the same company but in another state. That would be full time with benefits. Of course, there is no guarantee I get that job.
So as you can see there are variables involved, but at least there are options. I am just trying to figure out if putting the house up for sale right away is the best thing to do. If it sells and I decided to stay in the same city, I could always rent.
And what about letting it go into foreclosure. I have read where people say just quit paying your mortgage, they won't throw you out overnight, and save that money. Supposedly you can last in your house another 12 or 13 months doing this? (I have had a good payment history.) But that always scared me because it would seem like it would wreck your credit rating forever.
Thanks in advance for any suggestions.