Preemies

NBR - What to do?

Due to Carter being a preemie, I recently left my job to become a SAHM for him. In order to afford this, DH and I have to file for bankruptcy. He recently found out he's getting a promotion at work and a raise. Unfortunately that fell through today. But now he's being offered a different promotion that's almost too good to be true. An $11,000 a year raise! But we would have to relocate to about 2 hours away. We own a house that we had built and would lose money if we sold it now, if we could even sell it. They need an answer from DH within a few days about whether or not he's going to take the job. We could probably add the house to the bankruptcy since it hasn't been filed yet. Maybe I'm too sentimental, but I just hate to give it up. We've been here for three years and this is our home! But this is such a good opportunity for DH and it won't come around again. Ahhhhhh, I'm confused :(

Re: NBR - What to do?

  • ((hugs)) Good luck making a decision!
  • I can relate sort of. We bought a house before the housing market crashed. It's nothing fancy but we do a good job of keeping it and the yard very nice. A realtor recently told us we are officially screwed if we want to sell it, unless we have $10k or more to bring to closing. My husband is working out of town right now and we would like to be able to move closer to family within the year. But doesn't look like we will be able to. How does bankruptcy work? We don't have a ton of debt but we are in the biggest hole, sometimes I think a bottomless pit. It's like we can never get ahead. Now we have this house that we can't sell. As for my advice, I'd be taking the new job and trying to sell the house. In the long run with the extra money, you could pay off debts and make up for your loss of income. I'd love some extra income right about now!
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  • Congrats on the job offer! In today's job market, I would be inclined to say take it! Do you plan to buy a house in your new town? If so, maybe you should buy a house before you file bankruptcy (if you can swing it)? I don't know how all that works, though. I was just wondering what your plans were regarding a new house in the new town because that would be hard to get if you filed bankruptcy. Or can you avoid bankruptcy all together now that you have a big raise? Good luck with whatever you decide, I know this decision must not be easy.
    Abigail Noelle, 8.29.09
    Brady Phoenix, 8.29.09
    Claire Zoe, 10.26.10

  • imageprayin4ablssn:
    I can relate sort of. We bought a house before the housing market crashed. It's nothing fancy but we do a good job of keeping it and the yard very nice. A realtor recently told us we are officially screwed if we want to sell it, unless we have $10k or more to bring to closing. My husband is working out of town right now and we would like to be able to move closer to family within the year. But doesn't look like we will be able to. How does bankruptcy work? We don't have a ton of debt but we are in the biggest hole, sometimes I think a bottomless pit. It's like we can never get ahead. Now we have this house that we can't sell. As for my advice, I'd be taking the new job and trying to sell the house. In the long run with the extra money, you could pay off debts and make up for your loss of income. I'd love some extra income right about now!

     

    You could look into a short sale. It can take months to close but it won't be as bad for your credit as bankruptcy. With a short sale, you could sell your house for what it is worth/current market price and you wouldn't be responsible for the amount that you come up "short" in what you owe.

    Abigail Noelle, 8.29.09
    Brady Phoenix, 8.29.09
    Claire Zoe, 10.26.10

  • Honestly, I'd avoid declaring bankruptcy and consider NOT selling the house (you built it, so you're not paying any kind of mortgage right?) but moving to the new city and living in an apt you can afford. Sell the house later after the market recovers.

    Alternatively, (and I understand if you don't want to do this), you and DS could continue living in the house and DH could either do the super long commute or rent a CHEAP one bedroom apt in the new city and live at home with you on the weekends and stay at the apt on weekdays.

    Bottom-line, I'd definitely tell DH to take the job. That's just my opinion!

  • Can you rent it out for enough to cover the mortgage?  Not ideal, but definitely a good option in this market.  We are moving sometime this summer and will rent out our townhouse until the market improves and we can make money.
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