Bills = Yuck
Laid off = Yuck
Overpaid = Yuck
Short Sale = Yuck
Foreclosure = Yuck!
The whole thing is horrible, but let me tell you. This time will pass. Take deep breaths and think your way through every day. It will get better, and if there is an answer it will not show it self in one instant.
The solutions to your problems are there, they just take time to work themselves to the surface. All of the advice below is important to heed. I like the rental idea, but your home may not rent for more than 1k per month, leaving you with $600 to cover, which puts you back to about what a room mate would cover, and of course would leave you needing a place. This is a tough time for many, and tough decicisons are ahead for you. In 09 you should have been able to find a great deal on a home, maybe examine your equity position and see IF you would be in a short sale position if you listed to sell. Is the home in better condition than the ones that did not sell on your street? They may have been bought a couple years ago when things were even higher, leaving them in a worse equity position and unable to sell.
I have seen BOA give great loan mod's and have witnessed rate drops to next to nothing on the interest, but you still have to have a job or some way to pay so qualifying is a trick. None of this is natural so do not feel like you are alone. It stinks and none of it will feel right.
LOOK at all of your options before making snap decisions, but do get help.
TALK to your lender. They want to fix this as much as you du. It is tough enough with someone there for you, but doing it on your own is a lonely way to go.
Airika Waible- Principal Broker
Certified Distressed Property Expert, ePro, ABR
Blu dot Realty
You defiantly want to figure out your best option in moving forward. You will want to contact BOA and see if you would qualify for a loan modification. If they wonâ€™t work with you on a loan modification, you may still qualify for a refinance with you current lender through the Making Homes Affordable Program. The program only works if you have a Freddie Mac loan (BOA will know this) and you go through your current lender. If you don't have luck with these options, you might want sit down with a short sale Realtor and discuss your situation. It is extremely IMPORTANT that you talk to someone that lists, negotiates and gets APPROVALS on short sales on a regular basis. There are some really good short sale teams out there that will in the end get you that approval and there are others that will make your situation worse. We have a team that handles the short sale process for you and have an excellent closure rate.
Please call if you would like to talk further.
Jesse Dill - Principal Broker, NUMBER1EXPERT
John L Scott - Real Estate
Tom Inglesby, Broker
Certified Distressed Property Expert, CDPE,ABR, CRS
RE/MAX Equity Group
I sorry you have found yourself in this situation. Unfortunately, it is becoming all too familiar for a lot of people right now. Your options are to rent the home out, sell it as a short sale or let it go to foreclosure. Foreclosure should be the very last option to consider. If you have tried to find renters and were not successful with that, your best option is most likely a short sale. There are several other factors which have an impact on whether or not this is the best option for you. I am happy to answer further questions and explain the process of a short sale and also its impact on your credit score and ability to purchase another home in the future. The overall process of selling a home as a short sale isn't overly complicated, but there are many details you should be aware of which are easier to discuss than to detail in a post.
Give me a call at your convenience. I look forward to hearing from you.
Park Place Real Estate
You're not alone, and congratulations for reaching out. I just checked the VA website and found: "In order to help veterans in serious financial trouble, VA Regional Loan Centers have technicians available to conduct financial counseling. This counseling is designed to help you avoid foreclosure. If you want this assistance, call 1-877-827-3702 to reach a Loan Service Representative that can assist you."
That came from the VA web site page "What can I do if I have trouble making my payments?"
The web site is http://www.benefits.va.gov/homeloans/paytrbl.asp
There are some special warnings at that site about scams aimed at Veterans. It's one thing to be in a bad spot, but it's worse to get caught in a scam trying to work it out.
I wish you the best.
But if you are already behind don't wait any longer before it's too late. Give a us a call and we would be happy to talk to about available options.
Keller Williams Realty Professionals