Mortgage advice

[DREDIOCK]

Hey Tom
  The only GOOD answer I can give you is this.  Knowing your situation.  Have your wife find a Good Realestate/Rental Company
that will act as a broker for you.   Rent or Lease the house that you have for your current Mortgage + Fees if possible.  IE.  $700/month
+ 100 fees = 800/ month rent or lease.  This way you still own your house, have someone looking after it that is suppose to be professional.
I did this with house I was trying to sell in the 80s.   

Thats what I was going to suggest. Renting it out

[sluggish]

Even if you rent it at a slight loss you'll be better of than selling right now.  When I was in I knew a senior NCO that bought a new house at every duty station and turned it into  a rental when he was re-asigned.  By the time he retired he had rentals all over the country. Try to only rent to military so you know they'll take care of it or at least if they don't there'll be reprocussions.

[Dadsguns]

We are trying to find renters but that is no guarantee.  We will have to put the place up for rent below the value of our mortgage as the property values have declined in that area.  I will definitely look into HAP.  Hopefully there will be some good info there.

 

Also, check with Family Services on base they should also direct you to a program that will cover the difference in loss in the event you have to sell. 

[Penguin]

Why do we still have troops in Germany for crying out loud?  Its been seventy years!   

-Penguin

[eagl]

Why do we still have troops in Germany for crying out loud?  Its been seventy years!   

Because we have agreements with NATO to provide forces for the defense of NATO members.  You know, adult stuff   

    

[BGB the 3RD]

I'm a real estate broker
Big difference between foreclosure and shortsale.
Shortsales were made for death /divorce /deportation ie'new baseof operations
They have been done for decades,  they are now being used mostly for dolts who wanted free money

There are a few very important questions to be answered.  Feel free to call me anytime nine one six five two four seven seven one six

Good luck,  do not let the stress ruin the family let fun stuff like cancer ect do that: )

[Penguin]

Because we have agreements with NATO to provide forces for the defense of NATO members.  You know, adult stuff   

    

I guess, but who's got beef with the guys who made this



I'm sure all you  can remember this one

You know, adult stuff   

 
-Penguin

Yes, I do understand, I was only trying to make a point about old grudges

[eagl]

The troops in Germany aren't there for anything the Germans might do, they are there to defend Germany and other NATO countries.

[Lusche]

Why do we still have troops in Germany for crying out loud?  Its been seventy years!   

-Penguin

Because you can never trust a German 

[morfiend]

We are trying to find renters but that is no guarantee.  We will have to put the place up for rent below the value of our mortgage as the property values have declined in that area.  I will definitely look into HAP.  Hopefully there will be some good info there.

 

Tom

  If you can cover the rest of the mortgage payments,since the rent wont cover it all,this might be a wise choice.

    You hang on to your asset,it builds equity and depending on laws it might not be subject to capital gains as it would be now rental property.This would allow you to sell at a better time in the market and not be a panic sale.

   Now I have no idea of your situation and if it's even possible for you to do this,but it beats selling at a cut rate just to get rid of th house.

     

[dirtdart]

We are trying to find renters but that is no guarantee.  We will have to put the place up for rent below the value of our mortgage as the property values have declined in that area.  I will definitely look into HAP.  Hopefully there will be some good info there.

 

Hey tom, one of my NCOs was stuck with a house in Campbell when he moved out to NTC.  Until he rented it or sold it, he was sucking.  I would look at renting it an a rate lower than your mortgage if that is what it takes to just get the right sort of people into it.  Better to eat a couple of hundred bucks than a grand.  PM if you need some "inside stuff".