I was browsing Murthy.com forums and came across this unfortunate situation of a laid of H1-b visa holder. Its painful to see the implications of of a temorary visa and iliquid assets backed by debt. The poor laid off employee probably did everything right but still coudn't escape the deathly spiral of foreclosure, layoffs and a temporary visa. Its a reminder for everyone to keep debt levels manageable, regardless of Visa status. If you have a housing loan, make sure you have atleast six months or more of emergency funds. Sometimes life comes at you hard, when you are not looking.
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I got laid off from a Job almost a week ago. I just have 2 months left on my 6 year H-1B expiry.The chances of finding a new job in this market are very slim. I have a home and car in US. It will be extremely difficult for me, if not impossible, to continue with paying mortgage w/o any source of income. What if I have to go back to India in order to avoid being "Out of Status", in the event I am unable to find a new job. Do I need to file for bankruptcy/foreclosure for the home? I can still sell off my car, but to go thorugh the home foreclosure process may take months..I will not have that much time in the event I have to leave the country..What happens in a case like mine? I genuinely want to stay in US and find a job to pay my mortgage, but in the event, I have to leave the country, who eventually is responsible for the home? And what implications it could have on my future visit to US?Prompt reply will be really appreciated.
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