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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Relocated from WA to AZ for job. Need Help. Posted by LJ in WA on April 26, 2009 at 11:36 AM In Reply to: Re: Relocated from WA to AZ for job. Need Help. posted by Kristine-CA on April 26, 2009 at 8:58 AM No, not affordable for the area. We considered renting it out but the rent we would charge would be well short of the mortgage due. The loans are variable after 10 years and we've owned it for 2-1/2 years so far. : You don't need to file BK to stop making payments and let the lender take the house. : Are the payments on the townhouse affordable for the area so that you could consider letting someone else take over the payments? Is the loan a fixed rate? There may be owner/occupant buyer interested if the payments are affordable. : : : Any help regarding my predicament would be greatly appreciated. I've worked in Seattle as an mech. engineer for the last 6 years but was laid off in early March. Spent a month and a half trying to find an equal paying job in the Seattle area but had no luck. With a wife and two kids to support, I was forced to consider opportunities out of state. I landed a job in Phoenix, AZ. : : The problem is my wife and I own a townhouse in WA and we can't afford to pay mortgage in WA and rent in AZ. We owe $284k on the townhouse but it is only worth roughly $230k. I have two mortgages on the property and they're paid up through the end of this month. Next month I won't be able to make the payments though. Is there any chance that I can walk away from the townhouse knowing that my credit score will take a dump, and can I do it without filing bankruptcy. : : Thanks, : : LJ Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : No, not affordable for the area. We considered renting it out but the rent we would charge would be well short of the mortgage due. The loans are variable after 10 years and we've owned it for 2-1/2 years so far. : : You don't need to file BK to stop making payments and let the lender take the house. : : Are the payments on the townhouse affordable for the area so that you could consider letting someone else take over the payments? Is the loan a fixed rate? There may be owner/occupant buyer interested if the payments are affordable. : : : : : Any help regarding my predicament would be greatly appreciated. I've worked in Seattle as an mech. engineer for the last 6 years but was laid off in early March. Spent a month and a half trying to find an equal paying job in the Seattle area but had no luck. With a wife and two kids to support, I was forced to consider opportunities out of state. I landed a job in Phoenix, AZ. : : : The problem is my wife and I own a townhouse in WA and we can't afford to pay mortgage in WA and rent in AZ. We owe $284k on the townhouse but it is only worth roughly $230k. I have two mortgages on the property and they're paid up through the end of this month. Next month I won't be able to make the payments though. Is there any chance that I can walk away from the townhouse knowing that my credit score will take a dump, and can I do it without filing bankruptcy. : : : Thanks, : : : LJ [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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