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If I lay my mortgage?
I am currently living in North Carolina and lost my job couple of weeks. Unfortunately, the labor market North Carolina was very strict so this time I'm in search of work in Atlanta and Florida. In the event that I can get a job in Florida should I walk away from my mortgage? I can try to keep the rent and the mortgage, but not while now and because I know real estate market it would probably take up to a year to sell my property. Eva Although my wife and I have a credit score over 750, has no credit card debt and loan Car is almost done, we would do our best for our family, and if I have to live with seven years trying to rebuild my credit, I can live with that! What should be better sign a deed in lieu of foreclosure or foreclosure? Any ideas? What should be the best solution?
No. You must pay your mortgage and rent in Florida to sell your home in North Carolina. Never default on your mortgage unless there is absolutely no alternative and it sounds as if the worst we have now is a couple of weeks of unemployment (and I'm assuming your wife is still working). Taking into account the default of the mortgage seems like a very extreme option.
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