You don't have to have a job to make house payments. Nor do you have to haven income. Making house payments takes cash flow, not income. Cash flow can come from consuming savings, or from selling other assets.
dila813 wrote:
If you have no job, you have no income, you aren’t going to be paying house payments.....
The people with jobs making house payments obviously don’t have to move.
And it is a real problem if you get a job offer in another state, but you can't move because you can't sell your current home because you're underwater on your mortgage.
That situation hasn't happened in previous recessions.
Cash Flow denotes both inflow and outflow from you, as in the cash is flowing through you.
If you only have outflow, you don’t have cash flow.
You would be a fool to pay your house payments on garage sales and savings.
If you get offered another job in another state, move there then make your house payments and if you have the savings and can do garage sales to catch up your house payments, do it. Eventually the housing market can recover and you will be able to either move back or move your family.
My point was, if you are unwilling to move, then many employers are unwilling to hire you. They don’t want a guy that quits after 2-3 years.
If you have to go, go, move......
I really don’t see how anyone who is a conservative can ignore this advice.
Having a mortgage underwater isn’t a valid reason for not moving.
Valid Reasons for not moving:
1. Family Member in Intensive Care in Hospital and might die any hour..
2. ....
Get the picture??
Been there,
If you have an underwater mortgage and you follow my advice, you will be mailing me on FreeRepublic in 3-4 years saying that I was right and you have recovered all your income and then some.
Some people want to come up with any kind of excuse to not move.
Been there making those excuses in the past, learned how to knock it off and get stuff done.
Stand Tall, Walk Forward, Walk your path to success....don’t let the government turn you into a slave