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Archive for April, 2009

VA Loans and Short Selling

April 20th, 2009 at 11:43 am

Good news - we found out we may go back to Hawaii for good.

Bad news - its because my Dad is not doing well health-wise

That also leaves me unsure what to do with our current property. We bought it with a VA loan and the current balance is $382K, the tax assessment is at $357K (It was $390K when we bought the property).

So I thought, "Maybe we could rent it out to wait out this market."

That seems unlikely, our mortgage is $2500/mo and I haven't seen any homes for rent in our neighborhood for more than $2000/mo.

So I contacted my real estate agent and lender (they work together) to see what my best option may be. I'm really not sure what we should do or can do. I love the home and if we ever get restationed here, I'd love to live here again. But who knows if we will come back. I need to do what makes the best financial sense.

We have great credit scores so I'd like to do what I can to keep that in tact, but I realize this situation is above me so I'm currently seeking out help.

We'll see though. If we relocate it won't be till the end of the year, so I have SOME time to figure out the best course of action.