I'm currently considering taking a job in another state, and I currently own a home that's up-side down in it's mortgage. I'm trying to figure out what I would do with my home in the event that I move. Here's a few stats, at least approximate values.
- Current home value: $180K
- Current home mortgage: $230K (FHA loan)
- Current monthly payments: $1700 (Includes insurance, property tax)
- Price of similar houses for rent: $1200ish
I'm hoping with the new job that I might get, I would be earning about $10K more, when adjusting for the cost of living is taken into account.
So, among the options I'm considering are:
- Short Sell current house, rent in new location
- Short Sell current house, try to buy in new location
- Try to rent out current house, rent in new location
- Try to rent out current house, buy in new location
Which one of these options would make the most sense, or is there another one that I'm not thinking of? Thanks!