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VA Loans and Short Selling

April 20th, 2009 at 04:43 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.

3 Responses to “VA Loans and Short Selling”

  1. homebody Says:

    Wow you have a lot going on. From this 51-year-old perspective.... for what it's worth. I had to do the same thing with my 1-year old, who is now 28. She kept getting ear infections and I quit a good job after 6 weeks. Not sorry. You kids are going to need you this much for really a short time in the overall scheme of things. And really you get to this point in life and really all that matters is family....not to say you should not pursue your career, just don't worry about it taking a little longer to get there.

  2. smiley2009 Says:

    Well I'm no expert but I here scenario's such as this one all the time on the Dave Ramsey Show. Dave normally give's advice to either

    1) Do a short sell and take out a loan to cover the difference
    or
    2) Rent the house out for what it will sell for and pay the difference of the mortgage each month. (example mortgage 2,500 a month tenant pays $2,000 yourself and hubby pay $500 the difference)

    I hope this helps I've never owned a home but hear this advice all the time from Dave Ramsey. I hope it all works out for you and hope your dad gets better.

  3. L Saver Says:

    I am glad that you may be able to go back to Hawaii, but very sad to hear the reason. Good luck with figuring out the house situation -- hopefully your agent and lender will be able to give you some good options!

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