What should we do about it?

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Hello,
My husband got a job in a city an hour and 15 minutes far from where we live. We don’t want him to commute each day, so he might get a studio or a small apartment over there, and he would be coming home once or twice a week (I’m not to excited about that). The other thing we are thinking, is to rent out our house, BUT it’s against our loan agreement, also we can’t sell the house for another 7 years (because of the loan). What I’m thinking is to, maybe,refinance our house, in order to get another loan with a better agreement, one that could let us rent out our house.
When we bought the house almost two years ago, they told us the house was appraise at $ 97,000. We owe 91,474.01 (as of today), and we have made some changes in the house, so probably the price of the house could be 2,000 Higher.
Now, I’m here, commenting all these, to ask you guys, what do you think we should do. Of course, we can rent out the house, but that would be against our agreement, so… what should we do? we could all move, over there, and rent a house or apartment, but, we would still have to pay the mortgage.
More facts: At this new job, my husband would be earning just a little bet more, and now, we are not interested in him earning more, but gaining experience, so he can get a much better job once he graduated ( dic 10). I’m a stay at home mom, we have a 3 yrs old and a 8 mos old. We are thinking I can work, so we can pay for a rent and our mortgage and save money. We are really good with our badget, and we are trying to do the best for our family. We love our house and neighborhood so it’s not like we want to sell it and get out of this city, we would like to stay here, or eventually come back.

3 Comments
  1. Reply
    Judy
    May 4, 2011 at 12:53 am

    Plenty of people drive over an hour to get to work.
    Get him XM Satellite radio – so he’ll enjoy the time in his car more.
    /

  2. Reply
    Hughes
    May 4, 2011 at 1:09 am

    wow i have no idea

  3. Reply
    Froufrou
    May 4, 2011 at 1:53 am

    It sounds to me like you should have addressed these issues before he accepted a job so far away, maybe even before he applied for it, if you knew it was so far away.

    Commuting every day would still cost less than getting an apt. there. So, with very little more in income, that other apt. does not appear to be a good option for you.

    And, with daycare prices what they are, and very little more in income, I don’t see your getting a job as a good option for you, either.

    Okay, these observations are bleak, so let’s look at the brighter side of the issue: you love your house and your neighborhood. Don’t refi and rent it out if you can help it b/c renters will not show it the TLC you obviously feel for the place. Besides, refi will AGAIN cost you money unless you pay the closing costs outright.

    Every way you look at it, taking this job is going to cost you. I’d say, the least disturbance over it, the better off you’ll be. And, if I understood you, he will graduate in December? If he plans on something that earns more money and requires that degree, he’s only looking at the commute for six months.

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