How to Relocate for Work When Your Home's Underwater

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Problem is job competition is pretty fierce. And moving an employee who rents costs a fifth of moving an employee who owns. So unless you're talking about a very valuable and high up employee, most companies will probably just base their reimbursement on what a renter needs and expect the homeowner to eat the difference. If they want the job. I can see a lot of people walking away from their loans in that case, especially if they are unemployed and then offered a job in another state. This is really tough is you live in a state like Nevada, where the economy is bad and you need to leave to get a job, but the housing market is so awful that you can't afford to leave. And lenders here can come after you years after a foreclosure--after you have gotten back on your feet, the collection agencies can come calling.

Gina Pogol of NV 3:09PM March 14, 2010

Banks have huge debts, but they're getting a helping hand from the federal government. If you have overwhelming debt--perhaps from bad investments, or maybe a job loss, a medical crisis or just plain overspending--you're probably on your own. Check the website http://obamadebthelp2009.blogspot.com
to see if they can help. I am glad I did read it before I talk to my CC company and it helped - Jane Jim, California

janejim of CA 2:15AM June 01, 2009

Good advise, Phred, but I think you are a phraud!

Diane of WV 1:40PM May 18, 2009

This all sounds good on paper, but your typical upper-middle class management or technical employee was out there 3 years ago buying McMansions on their way-above median incomes which are not within reach of the average buyer's income in these tight lending conditions and have now lost tens if not hundreds of thousands of dollars of value--and/or are tethered to 2nd loans to boot. There is not much prospect of a new employer kicking in that kind of cash. Like the 1989 housing collapse many people will be stuck where they are until the market recovers, which may be a 5-10 year wait. And given the lavish sizes and prices of much of the housing in some markets, some people will die in them before the market catches up with them. Betcha didn't know there was a life sentence under house arrest for greed...

Rich of CT 12:13PM May 18, 2009

Why, oh why would anyone build or buy a home in the middle of a river. A river does not simply consist of a neat stream running nicely along within it's banks. It also consists as a raging distructive force that might extend miles beyond it's banks. With modern mapping and historical records we can accurately predict what a river's total flood plain is. You don't simply look at what has happene during the last few years. You must know what the river is predicted to do over several hundred years, and assume that the worst possible conditions will occur the week after you move in.
Why do we live with the possibility of damage or the complete destruction of our property when we can accurately predict what will happen over time?
Don't build or buy a house in the middle of a river.

Pfred Pfudpucker of TN 12:17PM May 16, 2009