I’d also like to move out of Virginia to Texas. Unfortunately, I’m about $50k underwater in my mortgage so it isn’t happening anytime soon.
No worries.. Your 50k underwater disappears when the economy collapses as planned by 0bama. The ONLY reason the job market in Texas is good is because Texas is the only American state left in the union. They SHOULD secede and build a massive border fence and purchase 4 patriot missile systems for 0bama’s incoming drones. He’s had PLENTY of practice in Pakistan.
That's an easy one. You buy a house while your credit is still good, then walk from the house where you are upside down.
If you have some cash but not all the cash needed for the new house, follow these steps.
- Stop making all payments on the house you are in, including insurance payments, and bank that money.
- Two or three months before the bank forecloses, find a "renter" for the house you are in and execute a minimum 2 year lease. Make the rent very low but not wildly unreasonable.
- Wait for the bank to foreclose. They will eventually contact you. Let them know about the lease agreement.
- Bank will offer a "cash for keys" payout to get you (your renter) out of the house.
- Add cash for keys money to your other funds.
You are already upside down by $50k so if you have to take out a mortgage for that amount you are no worse off.
I've got more than a few neighbors that moved across the street or up the block that way and traded up to a better floor plan in the subdivision.
Just over five years ago we moved from Northern Virginia (Fairfax County) to North Mississippi, Desoto
County. There are no traffic jams, plenty of jobs and a climate not too different than that in Virginia.