Consumption and Real Estate
Job offer in another state, mortgage and equity line of credit total valuing $70,000 more than value, now what?
Question : Job offer in another state, mortgage and equity line of credit total valuing ,000 more than value, now what?
If we have to move for a job transfer and have a mortgage and equity line of credit total valuing $ 70,000 more than our current homes value, what can we do?
1) Let it foreclose?
2) Tell both Equity Line and Mortgage Company we are moving for a job offer elsewhere and to short sale? (Again, they are 1 different companies)
3) How can we buy if our excellent credit will be dipping from the issues taking place on this end?
mortgage on line
Best answer:
Answer by acermill
If you can’t bring $ 70K to the table to break even, you’re faced with short sale or foreclosure. Either one is going to trash your credit, and you won’t be able to purchase in your new area. Prepare for renting for several years.
If it were me, I’d make the decision based on quality of life. If you think the move will be a good one for your family, take it. Don’t deny yourself happiness because you’re tied to home that has dropped in value. I agree with the other responder that you should consider renting out the home before you allow it to go to foreclosure or short sale. My sister and her husband did that with a home following an out-of-state move. They had to rent it at a $ 250/month loss, but they were able to maintain their credit and bought a home in the new state.