I realize there are a ton of emotional issues here, but your original question was:
Quote:
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What’s my best financial move?
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The reason folks post here is to get unbiased, unemotional answers to their financial questions.
I've got to stick with my original opinion that a person earning $40,000/yr. can't really afford to keep a house worth at least $500,000. Even if you lower the mortgage payment to $700/mo., with taxes and insurance, you're paying 33.5% of gross income for housing. That's pretty high. Rule of thumb is not to exceed 28% (and I think that refers to take-home, not gross).
You say you may have to relocate in a year. Fine. Don't buy a new place. Sell this place and rent for a year. The kids can still come and visit. And you can have $350,000-$400,000 in an MMA earning interest.
Once you have a new job and know where you need to be, then you can go shopping for something more permanent and affordable on your income.
__________________
Steve
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