What should we do about it?
My husband got a job in a city an hour and 15 minutes far from where we live. We don’t want him to commute each day, so he might get a studio or a small apartment over there, and he would be coming home once or twice a week (I’m not to excited about that). The other thing we are thinking, is to rent out our house, BUT it’s against our loan agreement, also we can’t sell the house for another 7 years (because of the loan). What I’m thinking is to, maybe,refinance our house, in order to get another loan with a better agreement, one that could let us rent out our house.
When we bought the house almost two years ago, they told us the house was appraise at $ 97,000. We owe 91,474.01 (as of today), and we have made some changes in the house, so probably the price of the house could be 2,000 Higher.
Now, I’m here, commenting all these, to ask you guys, what do you think we should do. Of course, we can rent out the house, but that would be against our agreement, so… what should we do? we could all move, over there, and rent a house or apartment, but, we would still have to pay the mortgage.
More facts: At this new job, my husband would be earning just a little bet more, and now, we are not interested in him earning more, but gaining experience, so he can get a much better job once he graduated ( dic 10). I’m a stay at home mom, we have a 3 yrs old and a 8 mos old. We are thinking I can work, so we can pay for a rent and our mortgage and save money. We are really good with our badget, and we are trying to do the best for our family. We love our house and neighborhood so it’s not like we want to sell it and get out of this city, we would like to stay here, or eventually come back.