Do I make a decision that affects my ability to get a job for 7-10 years (and credit, and rental properties, and anything else that requires a credit check)? Or, do I stick myself underwater for at least that long, if not longer - but have more flexibility in my finances?
That's why I'd advocate for "C" .... try and figure something out in the middle. Work out something with the bank. Rent. Make "interest only" payments until the market gets better. Or something else that I don't know about.
It's a tough situation, to be sure.
—It’s a tough situation, to be sure.—
I’ll agree. One thing about the job front though: Many organizations, in the current climate, are not holding mortgage problems of any sort against an applicant. The exceptions would be jobs in the financial industry or security clearances since one of the reasons for the credit check is to ensure you may not be easily incented to do something nefarious to fix your debt.
—It’s a tough situation, to be sure.—
BTW, the only one that really concerns me is the job hit, because I know a LOT of people who live very happy lives and have NO credit. I don’t mean “bad” credit. I mean they pay cash for everything. It’s very freeing too, except when they try to rent a car with a debit card. ;-)
Credit is way over rated. But it’s easy for me to say since I’m in the highest bracket. But maybe that is because I use just enough to keep it there.