[cmletamendi]

Graduate Student HELP!? Good morning all, I need some major advice. I am a 21y/o MBA student, still searching for a more-tha-customer service job: and 2 yrs ago I purchased a 4br/2bath home in Cenrtal Florida for 175,000. The mortgage is about 1600 per/mo and I have tenants there who are paying 1100 per month. With assoc fee and all, I have to pay out of pocket (about $700) to make up for what the tenants dont pay. I was originally hoping to have that as a long term asset, retirement home, blah. After all expenses, what I save at the end of the month is only 150-200 per month. I still live at home with my mom (widow) and I help her out. I am in the middle of my Master's program and have to date, about 60,000 in student loans which i will not have to pay until after graduation (i also want to get my PhD, so that ill be done with school either december 09, or 2015 if I go for the Dr). I do not save at the end of the month for a rainy day, a saving, to pay for school, or for a future...here are my questions:1) since foreclosure records lasts 7 years, would it be reasonable for me to give up my home, and when im 28 look into buying a home again? 2) is it worth it to just continue with this sacrifice? my mother, lil bro and sis all live in a 2br condo, i wanna give my room up to one of the kids and move into a room or sublet elsewhere..3) the mortgage is joint-tenancy with right of survivorship, so my mom and I are joint owners..would they come after our condo if I foreclose on the house? The condo we llive in is under countrywide, the house is with Chase.4) I am planning on joining the coast guard to be an ensign officer, liutenant b/c of my education..would a foreclosure affect my ability to enlist?any other suggestions or feedback would be most appreciated. I can't offer anyone anything but a thank you, but again, any ideas or suggestions will be highly thanked.

[J T]

1) foreclosure is never a good option unless it is to prevent bankruptcy, which is worse. you are not bankrupt though. if you are still saving 200 per month, great. keep doing that, but put it in an emergency fund for yourself because you will need cash to pay down your loans later or to sell the house if you so choose. do not make any decisions like that until you are breaking even or losing each month. also, i suggest that you look at your budget (i can help if you want to email me) and see if there are places you can cut or incomes you can add so that you can make it.2) you will have to decide that based on what you want to do with the rest of your life. a few years sacrifice is always worth a lifetime of enjoyment3) yes, if they foreclose you, you will probaby have to pay the difference from what they sell the house for and what you owe. is there any reason not to move all of you into the house when the lease is up? would the net result be that you are paying your own mortgage and cutting out the middle man?4) possibly, but doubtful. they will probably pay for some of your education etiher before or after you enlist. why not wait on your doctorate until after military service, let uncle sam pay for it. also, be sure to take your signing bonus and pay down some debt, don't just blow it. you will have a lot of loan and a lot of house to pay. i would suggest paying down whichever is higher interest, but i would lean toward the loan since it is completely unsecured.

[debt education]

No matter what you do, you don't want to go into foreclosure. I do help people in your situation. Please look at my "about me" and watch the link. Please contact me with questions.