Hi all,
First time poster.
I will probably give too much info. SORRY!!
I bought a house in Orlando, Fl in 1998. Homestead and lived there until 2007. Bought a new house in a new development in 2007. Kept the first house and rented it out for $1300 a month (Mortgage was $700). Transferred homestead to new house which has a mortgage of $1650/month.
Well, first renters moved out (they were bad renters, late payers, etc) and finally got new renters for $1050. Mortgage on rental around $825 now (insurance went up). No worries. Until..
We are now expecting a 2nd child. Cannot afford daycare x 2 (1200/month), so my wife is going to stop working. We owe approx 40,000K in CC debt. As of now we are current on everything but her last paycheck will be in 2 months. I hope no one can force her to go back to work??
My question is..we want to move back into our 'rental property' with a payment of $800 and mortgage of $70,000 in about 2 months(our current renters are on a month to month contract), transfer our homestead there, and then either short sell, DIL, or foreclose (honesly we dont care) on the new house with a mortgage of $200,000(thats worth abt $150,000) and $1650 payment. The way it looks we could then make it on our savings for abt 8-12 months before filling a chapter 7 bankrupcy. Those $800/month credit card payments sure do hurt and would exhaust our $10,000 in cash in a year. Anyone have any advice? Is there anything illegal about this? Thanks a ton!! staying up again until 1am worrying cant be good for me and could use any advice.
First time poster.
I will probably give too much info. SORRY!!
I bought a house in Orlando, Fl in 1998. Homestead and lived there until 2007. Bought a new house in a new development in 2007. Kept the first house and rented it out for $1300 a month (Mortgage was $700). Transferred homestead to new house which has a mortgage of $1650/month.
Well, first renters moved out (they were bad renters, late payers, etc) and finally got new renters for $1050. Mortgage on rental around $825 now (insurance went up). No worries. Until..
We are now expecting a 2nd child. Cannot afford daycare x 2 (1200/month), so my wife is going to stop working. We owe approx 40,000K in CC debt. As of now we are current on everything but her last paycheck will be in 2 months. I hope no one can force her to go back to work??
My question is..we want to move back into our 'rental property' with a payment of $800 and mortgage of $70,000 in about 2 months(our current renters are on a month to month contract), transfer our homestead there, and then either short sell, DIL, or foreclose (honesly we dont care) on the new house with a mortgage of $200,000(thats worth abt $150,000) and $1650 payment. The way it looks we could then make it on our savings for abt 8-12 months before filling a chapter 7 bankrupcy. Those $800/month credit card payments sure do hurt and would exhaust our $10,000 in cash in a year. Anyone have any advice? Is there anything illegal about this? Thanks a ton!! staying up again until 1am worrying cant be good for me and could use any advice.
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