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I live in Delaware. The school I have taught at for the last 12 years is closing this Friday. I have been offered a job in Minnesota. I bought a house at the height of the housing market. Now the house is about $20,000 underwater. I have had it up for sale for the last two weeks. But, at this point it appears I'm not going to get what I owe out of it.
if it does not sell by the time we move, I am considering stopping the payments. I cannot afford a house payment in Minnesota and a payment in Delaware.
Can you put your DE house up for rent if it doesn't sell?
Even if the rent doesn't 100% cover the mortgage, it would buy you some time for the market to improve or for you to save up enough money to be able to afford to sell. The tax benefits of being a landlord can offset quite a bit of the expense. IMO, if you can make this work it is a better option than the financial/credit impact of a short-sale or foreclosure.
Depending on the state laws, if you have other assets the bank can come after those in a short sale or foreclosure. You'll definitely want to get legal advice so you understand the implications of a short sale or foreclosure before you stop making payments.
The school that is offering my a job will cover all moving expenses. The job market is scarce here.
There's a school in Minnesota willing to pay you to move out from Delaware? Are there really so few teachers in Minnesota? Or do you teach something exceedingly rare & difficult to teach?
ok... here we go... the employer just told me that they would carry my payments for a year while I tried to sell the house... how would that work 1800 miles away
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