famous last words
Well myself, nor my lawyer, we're able to see a problem with the plan (other than the obvious ding in my credit). I'm in a special situation for a couple of reasons:
* backlog of foreclosures means it takes longer. A year of rent free living (and it will likely be longer) gives us about $30k in the bank.
* we put no money down on the house, so we don't lose any up front cash.
* prices have dropped so far that its worth the possible 'short sale refi'.
* i don't care about the ding in my credit, as i know it will only take a couple of years to recover enough that my credit is usable again.
* zero credit card debt, so i don't have to worry about current card issuers increasing my interest rates as my credit declines.