Financial Consequences of Foreclosure – 21 yr/old Graduate Student HELP!?
Good morning all,
I need some major advice. I am a 21y/o MBA student, still searching for a more-tha-customer service job: and 2 yrs ago I purchased a 4br/2bath home in Cenrtal Florida for 175,000. The mortgage is about 1600 per/mo and I have tenants there who are paying 1100 per month. With assoc fee and all, I have to pay out of pocket (about $ 700) to make up for what the tenants dont pay. I was originally hoping to have that as a long term asset, retirement home, blah. After all expenses, what I save at the end of the month is only 150-200 per month. I still live at home with my mom (widow) and I help her out. I am in the middle of my Master’s program and have to date, about 60,000 in student loans which i will not have to pay until after graduation (i also want to get my PhD, so that ill be done with school either december 09, or 2015 if I go for the Dr). I do not save at the end of the month for a rainy day, a saving, to pay for school, or for a future…here are my questions:
1) since foreclosure records lasts 7 years, would it be reasonable for me to give up my home, and when im 28 look into buying a home again?
2) is it worth it to just continue with this sacrifice? my mother, lil bro and sis all live in a 2br condo, i wanna give my room up to one of the kids and move into a room or sublet elsewhere..
3) the mortgage is joint-tenancy with right of survivorship, so my mom and I are joint owners..would they come after our condo if I foreclose on the house? The condo we llive in is under countrywide, the house is with Chase.
4) I am planning on joining the coast guard to be an ensign officer, liutenant b/c of my education..would a foreclosure affect my ability to enlist?
any other suggestions or feedback would be most appreciated. I can’t offer anyone anything but a thank you, but again, any ideas or suggestions will be highly thanked.