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
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.
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.
925 699 5041
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
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.
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.
Sorry to hear of your difficulties.
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