My question is going to be long but I would really appreciate any help. In 2005, my father passed away. He had a home that needed a lot of fixing up but he only owed $140k on. At the time I was in college. My sister and I each inherited money. I was only 20 years old but the housing market was so strong that I was worried that if I did not buy his home, I would never own a home. I bought the home and paid my sister off. I put almost all of the money I inherited into the home to fix it up. I financed it for $195k. The money I pulled out was to cover living expenses while I finished school and to cover school costs. I got married and my husband and I refinance in 2007 for $250k. We used the money we pulled out to start a party rental business. At first it was going good but then the economy started declining and we sold off the business last year and got some of our money back. At this point I have 10k in the bank. My husband can not get a job here. If we both took lower paying jobs, we would not be able to pay our bills and day care costs for our son. I have a good job offer in Arizona. The problem is that I won't make enough to pay for this home and our expenses up there, even if I rent this home. My monthly payment is almost $1900 and I could probably rent our home for $1100. Part of the $1100 would go to lawn maintenance and part would go to a realtor, leaving us with about $800 towards the mortgage. There is no way we can afford to pay the difference. I have spoken to the bank about selling the house and we will pay back the difference over time, but they can not do that. I really do not want to foreclose. I feel bad for doing it but I don't know what my other options are. The house is only in my husband's name. So will the foreclosure go on my credit? Will they be able to take my assets too (meaning my car)? I hate foreclosing but I feel like regardless of where I live, I can not pay for this home. At least if I move, I can pay for a cheaper home there and accept the job. Thank you for any help.
