Mortgage Issues for a Medcial Student

[sjumcat]

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[bkpa2med]

That is going to be a problem. If it doesn't sell in time and you can not pay for it you should call your mortgage and consider a short sale. Downside is that you may have issues with loans that look at credit.

 

[amakhosidlo]

A) Rent your place out, try to get as close as possible to your mortgage + Insurance payments as possible, ask for an adjustment for living expenses in your COA to make up the difference

Is the property commuting distance from your school?

 

[nontrdgsbuiucmd]

A) Rent your place out, try to get as close as possible to your mortgage + Insurance payments as possible, ask for an adjustment for living expenses in your COA to make up the difference

Is the property commuting distance from your school?

good point, if the home is commuting distance to school, maybe look into a roomate or two; if far away or in a different locale, this gets tougher.

My grad plus loans for med school consider credit; as I'm attending a state school, the stafford subsidized + unsubsidized loans would cover tuition, but not cost of living; if you're attending a private school and require the grad plus loans to cover tuition, and go through a foreclosure or poor credit outcome, you'd not be able to continue school.

May be a thought to defer school for a year, or drop the asking price on the home?

We sold our house through a great marketer/realtor; needed to sell within a few months and told him this; we dropped the price every week until the house sold. (after around 2 months of putting it on the market). Best of luck!