Asked by Mary, Phoenix-metro • Sun Feb 22, 2009
I am hoping you can offer some help regarding our current situation. Let me preface this by saying that we are active duty military and are forced to move at other's discretion. We bought our current home a little over a year ago in the Phoenix metro area. We were given orders to relocate and we did not want to lose money on renting a home, so we bought the cheapest house (a short-sale) we could find that would accommodate our family of 6. Now, we are facing orders to move again, soon. We purchased our home for about 200,000 and current market conditions place our current value around 35-40% less than what we owe. We have no problems making our payments, we budgeted well and did not buy beyond our means. However, what can we do? We do not have 70-80,000 to bring to the table if we sell for less than our home is worth. We are considering, when the time comes for us to move, to try a short-sale or let the property go into foreclosure.
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