Possibly losing job, what to do about house

Rockfish · Feb 15, 2010

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.

Doug · Feb 15, 2010

maybe rent out an extra BR if there is one open ?

I wouldn't want to go into bankrupture shit for what is smallish money, like under 50k.

How upside down are you ?

To me , it sounds like you shouldn't go bankrupt, you have no child support, alimony, etc. Maybe just take a small (hopefully) real estate loss. and move on.

FairWarning · Feb 15, 2010

If you transferred, would the company help you with moving costs?

Doug · Feb 15, 2010

How does a guy with 2 posts come here for housing/tax/bankrupt advice ?

There are forums exclusive to those issues. I'm saying this isn't the most logical place to start at....

D2bets · Feb 15, 2010

Big question is just how much underwater are you?

punter · Feb 15, 2010

Doug said:
How does a guy with 2 posts come here for housing/tax/bankrupt advice ?

There are forums exclusive to those issues. I'm saying this isn't the most logical place to start at....

Its because of all the astute post that he has seen on here.

PeterGriffin · Feb 15, 2010

I would highly suggest NOT letting your home go into foreclosure, if you can avoid it. Sure there are people who do it, but it doesn't mean it's a very smart thing to do. Like you said, there are a lot of variables that would go into your decison, like:

- How much do you owe, and what is the home worth? (loan-to-value percentage)

- If you got laid off, how much of your mortgage would unemployment pay?

- How much savings do you have?

- Are there comparable jobs in your area that would pay you close to what you're making now?

One thing you might want to do is check the Web for loan modification programs. Because so many people are struggling to pay their mortgage these days, loan mods are a good way to rework the terms of your mortgage and make it a little more affordable. Refinancing is another option, if your loan-to-value is at a respectable number.

Good luck...

cutacrossshorty · Feb 15, 2010

punter said:
Its because of all the astute post that he has seen on here.

As evidenced by Doug's 2nd post in this thread (post #4)

golfingarkansas · Feb 15, 2010

doug uses this forum to talk about his car problems so i see the relevance...:lolBIG:

ga

but he does give a lot of great knowledge

1cheater · Feb 15, 2010

Doug said:
How does a guy with 2 posts come here for housing/tax/bankrupt advice ?

There are forums exclusive to those issues. I'm saying this isn't the most logical place to start at....

Why should it matter if he has 2 postes or 4,000, he's probably a long time lurker and has seen multiple postes of this nature in the Offshore and maybe he feels he'll get the best answer in a busier section of the RX? This has been a long time debate (O-T) about where to post, etc, etc, the end result was to let people post stuff like this in the OS.

dennis4204 · Feb 15, 2010

Try and hang in there, wait until you know all the facts.

Doug · Feb 15, 2010

better forums than RX exist for specific issues, is what I say....

You want to change a cabin air filter in a 2000 Accord, go to a forum for Honda car owners, not a gambling website.

A question about real estate is better posed at a site dealing with those issues.

It's just not the right place (here)...You'll get better advice on a forum dedicated to what you want.

Defying · Feb 15, 2010

I disagree.. I know I am going Off Topic with an Off Topic thread... but thats what I LOVE about the RX... No matter what the question, someone will have some advice....

If this is HIS community of choice, let him ask his question.... I find it nice that I can come to the Offshore forum and read about everything and anything.....

As far as the question... it's tough with too many variables.... I would say wait it out... save as much as possible as you can now.. cut back on your lifestyle until you know more... I love the option of renting out the extra bedroom...

Obviously what makes this tough is not knowing where you are going to be in 6 months... I would do everything in my power to buy as many months I can. meaning saving up for 3 + months of expenses... plus if you are laid off, you will get some unemployment, or a buyout from the company....

I wouldn't jump the gun to sell the house.. ecspecially if you like it... GL

LightsOut56 · Feb 15, 2010

No wifie no kids, easy. Start a grow opp in your basement, turn $500 into $20,000 in as little as 4 months and go from there. Not my cup of tee but can easily be done, seen it done before over and over by complete dumb ass's. If you get caught you lose the house but you will have 3 hots and a cot, if you pull it off you save your home. GL buddy!

hosnatcher · Feb 15, 2010

When you feel the heat coming check yourself into rehab for alcohol abuse. You will get disability which is like 2/3 of your check tax free depending on what state you live in. Then when you come back to work after a few months when all of the layoffs and position changes have already took effect you put up a good front and carry the bible and the big book to work and tell anyone that will listen that "God saved you" and how you are "living one day at a time".

This technique will scare the shit out of Human Resources and they would be in fear if they altered your pay, fucked with your medical or let you go that you would sue for discrimination and unfair termination. :grandmais

AlwayzRight · Feb 15, 2010

hosnatcher said:
When you feel the heat coming check yourself into rehab for alcohol abuse. You will get disability which is like 2/3 of your check tax free depending on what state you live in. Then when you come back to work after a few months when all of the layoffs and position changes have already took effect you put up a good front and carry the bible and the big book to work and tell anyone that will listen that "God saved you" and how you are "living one day at a time".

This technique will scare the shit out of Human Resources and they would be in fear if they altered your pay, fucked with your medical or let you go that you would sue for discrimination and unfair termination. :grandmais

Riiiiiiight...companies don't give a fck about hier employees. It is ALWAYS abou the almighty dollar.

hosnatcher · Feb 15, 2010

AlwayzRight said:
Riiiiiiight...companies don't give a fck about hier employees. It is ALWAYS abou the almighty dollar.

There are a few things that scare the shit out of Human Resources. Letting your job know you have a disease/illness is one of them. Alcohol abuse is considered a disease/illness and not a weakness in this country.

The money play is for chicks. When they feel like they are in jeopardy of losing their job they just make a complaint to Human Resources about being exploited to something sexual from a coworker or being sexually harassed. Most chicks already have a person in mind that they can complain about. They will act like everything is cool for years, they will say nothing offends them and that they are just one of the guys. Little do you know they are saving all those emails you copy them on that contain Tiger Woods jokes or have you by the balls already by letting you think it is okay to flirt with them.

LightsOut56 · Feb 15, 2010

Id start by cutting off the internet service, cable, cell phone, car pool to work, eat roman noodles, bread, drink only water instead of beer. Your going to have to sacrifice until you get your shit together. Reuse your zip lock bags aluminum foil, cut the water heater way back and the fridge on low, the list goes on and on. If you have anything of value sell it. Do odd jobs and work 60+ hours a week if you can find the work. Find yourself a sugar moma. I mean if you don't have kids and your not even working 40 hours a week sounds like your not trying hard enough. Sell your car and take the bus or ride a bike. You don't want to be living in a tent, that shit is real and really happens to people. To put things simply, man up.

LightsOut56 · Feb 15, 2010

Most definitely find a roomie, rent out as much as you can. Always remember you have it a whole lot better than most people, just sounds like your not trying hard enough if your not working more than 40 hours a week, no sympathy here. Work 7 days a week 60+ hours, no girl, no kids, why not?

barman · Feb 15, 2010

Hard to argue with "eat roman noodles" and "find a sugar moma"

Possibly losing job, what to do about house

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