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Jun 20, 2008 1:22 am

Hello Vets!  I love the info in these forums, I've learned a lot just browsing through it all.  Hopefully you can shed some light on my issue.  I've just been hired by a firm, was laid off about 11 mos ago from the mortgage industry.  So I'am absolutely excited about this new career oppurtunity!  Problem is after making great income to very little overnight has hurt me in paying my debt.  Both mortgage and consumer credit trades are behind.  Im considering BK'ing and possibly short selling the house.  Giving me a fresh start (low overhead).  Is this going to get me in trouble with my new employer?  Keep in mind, my credit was great previous to the layoff.   What do ya know??

Jun 20, 2008 11:02 am

I think if you are in that much of a cash bind, you shouldn't start in this industry.  You will need reserves to eat until you build your book.  As for short selling your house, doing strange and exotic things with an asset you live in is what caused this mess to begin with.

Jun 20, 2008 6:53 pm
new_indy:

I think if you are in that much of a cash bind, you shouldn't start in this industry.  You will need reserves to eat until you build your book.  As for short selling your house, doing strange and exotic things with an asset you live in is what caused this mess to begin with.



+1


Are your mortgage payments behind ? You may wanna look into getting a 2nd mortgage from a private investor and getting your cash flow/credit straightened out. Then refinance the house and pay off the 2nd.

Or work 2-3 jobs to get it caught up. You dont want to short sale your home. And if it forecloses you could still be held liable for any debt left over.

Why private ? Because they will take more risk than a bank if they think the numbers will work.