I'm in serious trouble.
Bought this house in east bay very recently, and now breaking up with partner. Only my name is on the title and mortgage, but with partner moving out, it will be very difficult to pay the mortgage since I only put %10 down, plus I bought expensive furniture to fill the house too. We're both having high paying jobs but still tough to afford on single income.
What are my options? The house is 3br 3ba with a big backyards (hard and expensive to maintain). I feel like it's tough to find roommates or rent it out but I may be wrong. Any suggestions?
I'm under a lot of stress.
TC 310k, monthly mortgage including tax $5600.
You probably won't listen, but here is my suggestion. Immediately list the house and downsize into something affordable, especially if you can recapture the down payment. If you can't, or if the monthly payment is too much, just stop paying the mortgage. Seriously. It will take anywhere from months to two years to foreclose and evict you, in the meantime you live rent free. Secondly, there is a chance that they renegotiate the principal lower with you if they don't want the actual house ( which might be the case in a year or two if we're in recession)