I have an evil plan..
I own a house that's underwater but I don't live in it, it's in another town.
I just bought a house in the town I live in now, where I was able to find work.
I'm now looking into buying a car to replace my old heap.
I'm also looking into financing new furniture for my new house.
My confession is that after I get all these new things financed I plan to stop paying the mortgage on the other house and let it go into foreclosure. I'm going to let it go back to the bank because it doesn't make financial sense for me to keep paying interest on an asset that I will NEVER see a proper return on.
I feel bad about this, I've never defaulted on anything in my life.
But I think my bank can handle it. They've already made over 40K in interest on my loan.
The other thing that makes me feel guilty is that the mortgage on that other house still has my ex-husband's name on it. I'm going to ruin his credit if I do this.
I thought maybe I'd offer to deed the house back over to him and let him take over the payments. That way it's up to him whether it goes into foreclosure.
I'm not sure what to do, but I'll NOT be paying that mortgage to fruition. Selling the place would be an option but the town it's in is dead. The market there is nil, and houses typically sit on the market for 1 - 2 years with no activity. And if they do sell, it's for peanuts.