Desperate Housing Situation
First time poster - friend recommended that I sign up & post my situation for any possible ideas. Sorry my first post is so long!
First is situation with my home. Purchased at worst possible time (2006)for $207k, which at the time was a good deal; comps were $225 - $235. This was comparables in same development, with same sq footage. This was going to be our starter home, for about 2 years. Now the house is worth $159 according to Zillow. Same house as ours was on market for 6 months beginning asking price of $170, finally sold few weeks ago for $160 to an investor. So as you can see, we are about $30k upside down. To make matters worse, this neighborhood has been hit with a few bombshells that are causing steady decline; one example: county approved "affordable" multi-family apts to be built behind the development.
Second is family situation. 3 kids, twins 6 yrs, & 8 yr old. I lost my job about 3 months ago. We had reserves of 3 months, so I looked for position without too much pay cut. After 2 months, started to look for ANY job that would be flexible to still interview for a better job. Still nothing.
Last week got bombshell that DHs employer will be folding as early June, no later than Sept. Has been told he will PROBABLY get 3 to 6 months severance, but there is nothing in writing yet so we are not depending on anything. Now a little good news: On Monday, DH to city 150 miles away to "talk" to exec that his present employer recommended. They called yesterday evening to tell him that they will be sending him an offer today but let him know upfront it will NOT include relocation package, but WILL hold position until after July 4th to give our kids time to finish school yr & relocate. (July time-frame made me think that exec knows my husbands present employer WILL fold by June).
So now you know our dilemma(s). That means I will be out of work for another 2 months, unless someone is willing to hire me for 2 months. Biggest problem is getting rid of our house. Pretty sure we will not be able to afford two mortgages, or event rent and mortgage. We also donÂt have anymore reserves left to pay the difference between what we could sell house for and what we owe. We have no intention of "walking away" from our house. We donÂt even want to do a short sale. But I would like to know if there are any options at all for us to sell our house and payoff the remaining owed after closing? Like would the bank consider giving us a line of credit or a loan for remaining balance? Since we were living a tad-bit below our means, if I am able to get a job any time soon, we would be able to afford rent or either a comparable mortgage and pay off remaining amount owed on our home.
Although we are estatic about the job offer (while typing this just got email from DH that he has offer but no time yet to read it), I am in quandry as to what to do. We have good credit and donÂt want to mess up anything.
If any body can give any suggestions about ANY of our dilemmas, please feel free. At this point IÂm even open to "woulda could shoulda" because it might help us in the future. We are OVERWHELMED. Thanks!