Asked by Dave W, Lynnwood, WA • Sat Feb 9, 2013
My wife and I purchased our first home in Lynnwood, WA in May of 2007 while I was stationed with the Navy in Everett, WA. We received PCS orders in the spring of 2008 and could not sell our home. Due to our purchase timeline, we did not qualify for HAP.
We rented it out for two years (at over a $1000 loss each month) but eventually could not keep up with the payments. We applied for mortgage relief with Wells Fargo but was denied. They also denied our first short sale offer that would have kept us out of default (although we weren't in the Navy at the time). Eventually they accepted a short sale offer for about 50k less.
I left the service in 2010 and we were finally able to short sale the home in 2012. Our purchase price was $328k and we sold the home for $137k.
Although I am no longer in the service, clearly the PCS was the cause of having to short sale our home. Under the new rules announced in March 2012 is there any type of assistance that may be available?
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