I am currently trying to sell my home at my last command and have been for some time, but absolutely no luck even after dropping the price 30K. I am wondering if anyone knows the ramifications of a home foreclosure on my chances of completing flight school. I am thinking that with these economic times that maybe it isn’t looked so harshly upon. I have an application accepted for the Housing Assistance Program, but that isn’t approved by congress yet. I know answers are mostly speculations, but would like some info if anyone knows. Thanks.
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Flight School/ Home Foreclosure
- Thread starter whodey
- Start date
I'm thinking that defaulting on your mortgage is going to make getting a security clearance very difficult - not to mention that it will absolutely destroy your credit, making life in general very difficult. Have you looked into renting the house instead of selling it at a loss?
Brett
Do what I did when I retired at CC. We left there and moved to a new job in DFW area in November, 82, around the time of the oil bust. The house didn't sell for a year and a half. We bit the bullet, made the payments, ate beans sometimes, and maintained our good cretit rating.
Do the hard thing, you'll thank yourself later.
Do the hard thing, you'll thank yourself later.
Concur with all. Try listing it For Sale or Rent..... whatever you do, don't foreclose or short sell it. It shouldn't have any affect on flight school..... except that you'll have the added stress of dealing with your house problems while trying to get through pilot training. Also, talk to your chain of command, they can get you the help you need.
Nothing wrong with eating ramen, hopefully paying in some equity and keep building your credit, than foreclose and destroy your credit, sell at a loss and eat ramen anyway, or fuck away a good opportunity to increase your credit and wealth in general.
As much as you can, try to keep it but it's not always feasible. There are laws out there that will help you if you foreclose. Your credit will take a big hit but you'll be out of debt. It will effect you in flight school as being a distraction and that can be a bad thing. It can definitely effect your security clearance down the road as well. A short sell will hit your credit just as bad but it doesn't stay on the books as long. Either way, tough situation. Good luck.
How is your real estate portfolio holding up these days, Joboy?