Home Selling in Livermore>Question Details

Rjestrada, Home Seller in Livermore, CA

Options for selling house

Asked by Rjestrada, Livermore, CA Fri Jan 15, 2010

I was wondering if anyone can provide me with some advice on selling my home. Here is my situation:

I lost my job in March, due to layoffs, and I couldn’t find work for 6 months. I was finally offered a job in Germany and had to take it since my wife was 7 months pregnant and our savings was dwindling down. I am able to make my mortgage payments, but I just received a letter in the mail stating that my mortgage is going up another $300 (escrow fees). With my mortgage going up, the Euro costing more and more, and other unexpected bills I am not going to be able to afford to keep paying my mortgage. The house is appraising for $50k less than what I owe on it and I am looking for ways I can either: 1. Lower the mortgage payments, or 2. Sell the house.

I can’t rent the place out because I bought it under the VA loan and I was told that owners aren’t allowed to rent property purchased on the VA loan. Is it possible to sell the house and take out a loan to pay the difference? I ha

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Rjstrada - when you state your mortgage is going up $300, I'm guessing this is due to a shortfall in your impound acct....it's highly unlikely you have an adjustable VA loan so this increase is only temporary, or should be!

Re renting out your home, this shouldn't be an issue whatsoever....

This is a much better idea than looking at a short sale or foreclosure!

Feel free to contact me if you'd like to review more details about your situation!

best wishes, Jeff Marr
0 votes Thank Flag Link Sun Jan 27, 2013
I made a call to a friend and was told that in certain situations you can rent your home with a VA Loan. The VA understands that you can't always move at the drop of the hat or sell a home.

If you have been occupying the property for awhile and only need to rent it because you can't sell it, (i.e. upside down) then the VA is ok with that. You just can't use your VA eligibility until it's taken off that home.

That rule was designed so that veterans wouldn't use their VA eligibility to purchase second homes or rental property. It was not designed to bar someone from renting a home when they couldn't sell it...especially in a market like it is now.

Check it out, and thank you for your service.
0 votes Thank Flag Link Sat May 15, 2010
I believe you will find your V.A. loan is assumable.

You may be able to sell your house and have the new buyer take over your mortgage note.

It is worth checking on if nothing else works for you.
0 votes Thank Flag Link Fri Feb 19, 2010
Hi Rjestrada,
I work hard for clients to lower their payments.

If you have income you may be able to reduce your mortgae payment possibly get a principal reduction.
I have put together a full service solution for homeowners just like you.

Most realtors will say your only option is a short sale, but I like to help you stay in your home if it makes sense.

I am certified by IAPDA so I have the knowlege of finances and debt reduction.

Please feel free to call if you have a question.

JoAnna Jensen
925 699 5041
0 votes Thank Flag Link Fri Feb 19, 2010
Rjestrada,

1. Talk to your lender. They may be open to helping you; if not
2. Find a good, professional realtor experienced in short sales to represent you.

If #1 doesn't work, I can help you with #2 (I've been a Livermore-based Realtor the past 8 years).

Will Bateson, Broker
Sidewalk Homes
925-455-0845
0 votes Thank Flag Link Fri Feb 19, 2010
Hello Rjestrada,

Sorry to hear about your situation. You have received some good advise from these agents already. If you'd like to educate yourself a little better before making a decision, please click on the link bellow to learn about short sales. Good luck to you.
Web Reference: http://wp.me/prCwl-7N
0 votes Thank Flag Link Mon Feb 8, 2010
Hello, Rjestrada
Based on the information you provide, It looks like a short sale transaction is a better option for your current situation. Please go to my website for more information reagarding steps to take in financial hardship. Let me know if anything I can do for you.
0 votes Thank Flag Link Mon Feb 8, 2010
It does sound like a classic short sale situation due to your hardships. I am local in Pleasanton and would be happy to refer you to qualified agents in the are with EXPERIENCE if you are interested.

Sorry to hear of your difficulties.
0 votes Thank Flag Link Sun Jan 24, 2010
Hi,

Sorry to hear about your situation. To start, have you contacted your bank and explained the situation and attempted to do a loan modification? That would be step 1.

If that doesn't work, and you are going to not be able to pay for your mortgage, I would look into the short sale route. For this, you can contact a local realtor who has experience doing these and they can assist you through the process. A short sale is when the bank lets you sell the home for less than what you owe.


hope this helps

Sean
0 votes Thank Flag Link Fri Jan 15, 2010
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