Mark when you say horrible mortgage what do you mean? Do you have a rate adjustment coming? Do you owe more that your home is worth? These are very common today. As an econ major I am sure you know that markets go up and down. You can not buy a home and expect to sell in a short time in a declining market and not expect to pay on the way out. You may find work else where but I can say this their markets are doing the same. This is a global problem and if everyone continues on the path you are suggesting we will Never see the light nor will our children.

As for the ramifications? It is hard to say what will happen because each bank reports these things different. It also depends on how and when you leave. To correct Deep River MI has a 6 month redemption and if you abandon the home they can take it back much quicker. Read the info below for more detail on the process.

Mark contact your mortgage company and see if they can assist you. Be honest with them and tell them what you are planning on doing. But Why ruin your credit. Look for another job and stick it out. MI will come back around. It sure did after the early 80's.

Lender answer:

In addition to Gary's caution below, a short list of tramifications:

1.) A foreclosure will be part of your credit report for 10 years after the foreclosure sale is completed.

2.) Michigan can take 3-6 months to complete a foreclosure. There is a 1 year right of redemption period, so if you stopped making payments Oct 1, it could take until April 2010 to for the process to be completed.

3.) You will have a foreclosure judgment on your credit report until 2020; you will have the foreclosure mortgage history on your credit reoprt until 2017.

4.) Michigan is a "deficeincy judgment" state which means your lender can and probably will obtain a judgment against you for their loss on legal fees, court costs, and the fire sale price at which your home may eventually sell.

5.) You will be barred from FHA insured mortagages until 2013. You will be barred from Fannie Mae backed mortgages until 2015

6.) As a MBA major, it is likely you will puruse a career in which employers will require a copy of your credit report. In the financial services sector, a foreclosure might hamper your ability to find employment.

7.) Any credit cards you presently hold will increase their interest rates to the state maximum (in most cases as high as 24%) regardless of your payment history with the card issuers. The Universal Default clause in your Revolving Account Agreement permits the issuer to raise rates if you default on other accounts.

8.) You will likely pay cash for automobiles for the next 2-3 years, and 18% on auto loans until 2017.

Try to work something out with your lender.

Mark,

As an economics major, I'm sure you covered mortgage fraud in your classes and understand the implications.

I suggest reading your mortgage contract carefully to see what options you have and exercise your legal options. Many lenders will try to work with you.

You will also find more information provided by the State of Michigan on the websites below.

http://michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,…

http://michigan.gov/ag/0,1607,7-164-34391-180413--,00.html