What can I do about my house / mortgage / job situation?
I am currently “stuck” in a sub-prime mortgage on my home in South Florida, and I lost my job about 6 months ago. WHile I am aggressively job-searching, I know It may be some time before I find something. I want to get out of FL and have expanded my job search nationwide.
I am not eligible for either of Obama’s save your home options. I can’t refinance because I’m not behind on my mortgage. I can’t modify my mortgage because I don’t have a job.
My mortgage (5 year interest only ARM) will start adjusting monthly and ammortizing in 9 months.
I have thought about moving out and renting it as a section 8 rental, and have a friend who is able to manage the rental for me. The problem is that my mortgage could still double overnight in 9 months, even if I do have guaranteed income from renters.
I have nearly perfect credit, which I hate to ruin. I know that I want to get out of FL, but not sure where I’m going to find a job, so I’m sort of in limbo. Should I stop paying my mortgage and stay in the home for a few months and just save the money for my upcoming move? Should I ask the bank for a short sale? I know either of these will affect my credit. Should I try to move out and rent it?
Thanks so much for any insight you can give me.
I should add that I have tried talking to my bank, and they do not have options for me.
Also, I have taken a restaurant job, but, with working nearly 60 hours a week, I am still coming up $1,000 short each month, so my savings are taking a hit.
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