I think I have several perspectives at the moment
1) Rent now that my credit is intact, already on a good place with good schools.
2) Rent now that my credit is intact, but on a medium class cheaper community, I'll have 3 years before my son needs a zone based school and by then I would have repaired my credit as much as I can, including paying my rent on time each month.
3) Stay home rent free for about the year that it takes to foreclose, use that time and money more or less like this
[1550 monthly payment for 12 months]
- Month 1= to the savings account as an emergency fund
- Months 2-7 = pay off all credit card/unsecured debt, this frees 410/mo
- Months 8-12 = deficiency fund
When I am done and with my credit on the drain, I'll need to rent from a person and not a development to avoid the credit check. Work on repair credit and two years later move to a good school dictrict. I will have a payment plan for the deficiency with the lender (or via a judge if the lender acts stupid)
Options 1 & 2 include using any savings in the fashion I just described. If I rent on a good place I'll have 700 extra, if I rent cheaper place, 1000,
Last edited by Radiance : 07-24-2009 at 07:00 AM.
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