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This is a tough situation. Now can you rent out your house for the mortgage payments? If not I say stay. Worse case scenario if you guys get in to a bond you can always attempt to so a short sale. Not to get too personal but do you have any equity in your house? If so stay. I'm no expert I just know that recently when hubby quit his job we had to discuss our finances and our best options. Our house payment is about the same or even a little less than what our rent would be so staying made sense. We don't owe nearly as much as it's worth so we can always tap that in an emergency. I would also advise (if at all possible) save up an emergency fund (usually of 3-6 months living expenses). Also don't forget about Unemployment, I would research it now to see if you can get a guessitimate as to how much you might get. I haven't suggested moving in with the folks mainly because things can go bad in a situation like that (I had to move with mom for a little while to save up for a bigger place when I had Mandy and those 6 months were the worst ever, we get along better when we don't live together hence why I moved out at 17). I also don’t see how you would be able to save money. If your tenant stopped paying rent you are still obligated for the mortgage and if you rent a home you are obligated for rent and a mortgage. Sorry if my advice/suggestions made things worse, it's what hubby and I had to discuss recently and these were all our scenarios. I hope your decisions come as easy as ours.
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