1. Permanent reassignment requires a move of greater than 50 miles.
2. Reassignment was ordered between February 1, 2006 and December 31, 2009.
3. Property purchased (or contract to purchase signed) before July 1, 2006.
4. Property sold by owner between July 1, 2006 and May 1, 2010.
5. Property was the primary residence of the owner
6. Owner has not previously received these benefit payments.
To find out more, peruse the DOD HAP site by following the web references link below.
Even if you do not directly qualify for this program, there are more options under the Service Members Civil Relief Act (SCRA). It is important to remember that lenders are working hard to help homeowners prevent foreclosures, especially for our military. Foreclosure alternatives include forbearance, reinstatement, short sale, mortgage modification and Deed in Lieu of Foreclosure. Lastly, remember it is in the lenderâ€™s best interest to attempt and work with you.
Two thoughts. First, most matters like this are handled better when mentioned upfront. If his work relies on his credit for his security clearance and you're put in financial hardship, the military will do what they can to help sometimes. They may even assist in trying to get money from your old renters. They do not want these kind of troubles. If they're not a help with getting the money back, they may consider some not holding this against your husband due to the circumstances.
Second, your lender may be willing to work with you. This would be categorized as a loan modification. Tell them how important it is to you to keep your husband's credit in tact but how thrashed the house is and the money you need to fix it. Depending on how much work is needed, they'll sometimes move some of your payments to the end of the loan. This will give you time to try and fix the house and get a renter back in.
I hope it works out for you. Keep us updated.
Final qustion- does anyone know any GOOD/Honest property management companies?
Has the property been secured? You need to make sure no further damage is done to it. . Change keeys, garage door code etc. Make sure you have photos and document all the damage done. Check with the military regarding doing a short sale. Property will be sold As-is with no repairs.
Please let me know if I can be of service. I work the East Valley .
Keller Williams Sonoran Living
I'd love to help you myself, but I'd rather put you in touch with someone who has great skills for military families.
Below is his contact info:
Coldwell Banker Residential Brokerage
3050 W AQUA FRIA FRWY, SUITE 110
PHOENIX, AZ 85027
Office Phone: (623)344-4000
Cell Phone: (602)796-5674
Toll Free Phone: (800)736-2610
Voice Mail: (602)796-5674
Wireless Email: G-IIsPDA@HomesInPhoenix.net
Exclusive Buyer's Agent
I wish you the best and I hope it gets better!
This is a tough situation. You are not the only family going through this situation.
A good site for the options that are available to you can be found on my website link under Financial Distress..."Hope Now". Click: http://www.arizonahomesland.com/forsellersorlandlords.html
A option is a short sale. The shows on your credit record as a payment agreement instead of a foreclosure. You will have marks against you. You may wish to discuss the short sale option with your commanding officer. I am sure that many other military families are going through the same thing you are.
To get an excellent education on the short sale process that will answer most questions that you will have see the webinar on my website at: http://www.arizonahomesland.com/forsellersorlandlords.html. Arizona is a non-deficiency state which prevents a lender in a normal situation from pursuing the debt remaining when a home is sold "short" of the mortgage loan balance.
A Realtor such as me can get the whole process started with the bank and the escrow company. I would use a negotiator that represents you and is experienced in bringing the settlement with the bank to an orderly conclusion.
If I can help in any way just ask.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate