Please advise us

[Tom Zech]

Greeting!

Hi to everyone. I've been reading this forum for few weeks and this is my first post. I would like to have all your honest opion about our situation.

In Jan 2007, we move to Las Vegas and bought our first home for $420k. We downed 20% with monthly fix mortgate $1960 plus tax and insurance (total $2300). I am full time student (still is) and will be graduate this Junee 2009. My wife has been working and taken care all of everything. My 3 years of student loans are now $105k. We plan to stay in Vegas after my graduation BUT....every has changed (bad education) plus.....My wife just has accepted to a school that may be her DREAM career and will start on June 2009 in Glendale, Azirona. The training program is 27 months long. Yes, I will graduate on June 2009 also and hopeful will get a job right after my graduation (if I pass my board exam) with no problem even with tough economic nowadays. We also have two kids of 5 and 3 years old (with $2k child-care monthly)

Here is my questions: If we plan to move out of Vegas, we will not come back to Vegas again. Our home value now is $250k. If we move to Az, we will have to rent a house of $1500 per month plus all the expenses and child-care, I don't think I can handle my mortage of $1960 monthly. What do you think if I just let my house forceclosure and have my wife credit being bad (the house is under her name only). I know that it is not "ethical" as you may say but I really don't want to pay for the house that I am not intented to come back and live. It may be vacant forever (it's very hard to rent in Vegas and People hereare very RUDE and SELFISHNESS, Sorry not to mean everyone but generally)

My credit will be bad also if the forclose house is not under my name? What is the consequence if after my wife graduate and both of us making tons of income.... is the bank going to sue us later on? etc....

I really appreciate for all you help.....my bottom line is I don't care bad credit if I make enough money later on during our career....and I don't really want to keep the house that we are not going to live later.

Regards;

_Tom_ :idea: