A study by the Federal Bank of Cleveland shows that many homeowners who are unemployed are willing to relocate for a job than remain and risk the pitfalls of their underwater mortgage debt. The study shows that the recession has put many homeowners in a financial straitjacket, a “locked-in effect” where they are unable to pay for their mortgage, and also unable to relocate for a job because of the house. Now that economic conditions are looking up, so are job prospects. And according to the same study, homeowners with a negative home equity or underwater mortgage—where loan on the home has come to be worth more than the house itself—are taking the bold approach of leaving to relocate where the jobs are. And in Mississippi, for instance, when a stable job is found, some even take the even bolder approach of consulting with a dependable Tupelo home mortgage lender to help them with a loan with which to buy a house to move in and settle.
http://tupelo.churchillmortgage.com/industry-news/to-rent-or-own-with-the-help-of-a-tupelo-home-mortgage-lender
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