Let the house go?
This is a long tale with a lot of factors so please bear with me. Here is our story. December 2006 things were great. We were completely out of debt except for mortgage and minding our own business. Then hubs company decided to move 1400 miles or so away. We have stock in this company and believe it to become a very successful company. Company wants three people to move and hubs is someone "they have to have". They will give us moving money + some. They discuss insurance since they want to change insurance, we tell them we have to have good coverage for one of our children who is special needs. They say fine. We get our house ready to sell and when school ended July 2007 we leave with our house still for sale.
Two weeks later our real estate agent calls to say that a pipe broke in our house and flooded the downstairs. Our pergo is ruined. The stupid floor man that the insurance company hired decided to take six months because people living in their houses needed him first. We tried to kick his butt long distance because we are still paying mortgage but we had no effect. We depleted our savings and ran up our debt trying to save the house. We decided to give the keys to the mortgage company. At the last minute we got a renter. We are out $$$ every month, it's do able but not comfortable.
Company changes health insurance and to save everyone $50 they cut out mental health - which we told them before we agreed to move that we needed for our child. This was a make it or break it issue. Now we are paying through the nose for dr.s and therapy etc. Perscriptions are covered thank goodness. Now we are told that she needs occupational therapy on top of everything else. I'm not sure if it's covered or not. Our new insurance is lousy. When we reminded company that we specifically told them what we needed they said oh well. sorry.
A few months ago the rent check never came. I'm waiting for it so I can pay mortgage which we are struggling to do. Hubs calls the property management company and they said they weren't going to send it because they decided we weren't paying mortgage. Hubs screams at them and they overnight it. Now on Saturday we got told that renters decided to move back to Colorado. They have six months left on their lease. We find out property managers don't even have the full security deposit, they were collecting in installments. They told us oh well, sorry.
We have enough to pay full mortgage for one month maybe two. But once again, we will be depleted. The house is in Las Vegas which has been hit hard. We won't be able to sell it.
Should we deplete ourselves again and hope for a renter and then struggle to make our payments + debt + medical? Or should we hand in the keys because we have literally done the best we could. We didn't do a bad loan or make a bad financial choice. We just had rotten luck, lol. This is so difficult because we have NEVER defaulted on a loan before.
If we don't have a mortgage payment we can start paying off our debt and can pay for everything my child needs. I know it would be a long time before we could buy another home but at this point, I'm not sure I ever want another home. Certainly not where we moved to, neither one of us are in love with where we live. I'm happy renting and then when the company gets bought out, which I'm sure it will, hubs will have to find a job elsewhere. I want to be ready to go when this happens.
Does anyone have any experience with this? I'm so torn and confused. Since this whole move happened a year ago next month, I can't remember when I didn't feel sick to my stomach.