Asked by Jh, Salem, OR • Mon May 16, 2011
Love our beautiful historic home in Woodburn, but we are so upside down. We could rent a home similar to ours for half what we are paying now. Husband is an officer in the military and we may be moving out of state for a new job this summer. Already did research and found out we'd only get half our monthly mortgage payment if we rented out our house. What are our options? We have friends that were deployed from Virginia to Oregon a year ago and they had to take out a $70,000 loan to pay for the difference after a short sale! We are even more upside down if you include the $40K we have put in as improvements (windows, doors, bathrooms, kitchen, flooring, hepa air system, etc). Does it help that we are in Oregon--a non recourse state? Or does that not matter since we have a VA loan? Any advice would be appreciated.
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