js -
Search my posts, as I have our personal story and have already found a few other military members who have also posted on this forum.
Also - vrsam dot com is an excellent resource. Click on forum at the top on his homepage. This is the network for military who are PCS'ing and gives updates on the expanded HAP program.
If you're currently residing in the home, you can explore options to sell by short sale and then submit for a deed in lieu if you receive no viable offers. That is the process that the majority of military members are doing, for those who are underwater with their homes and facing PCS transfer.
We were unable to do this, as we secured military tenants in the home.
We're going into foreclosure now - 19 months after transferring from Virginia.
$1300/month negative loss WITH the tenants in the home. Couldn't get a rental rate that equated to our PITI plus expenses related to the home, including property manager and repairs.. I can not recommend becoming a landlord to other military families, especially if you're up for a deployment after landing at your new duty station or moving up into training. (My husband is facing both - this is a huge stress!)
Once you gain some clarity and direction, keep posting.. There are more of us out there, the stories just aren't on the internet as intensely as non-military borrowers. I think there's A LOT of us suffering in silence but with the HAP program finally opening up this week to begin processing applications, I think military members are going to come out of the woodwork with questions on the program.
Here's the link to it. It's off of an Army DoD site, but don't worry if that is not your branch - this is for ALL branches of the military.
Homeowners' Assistance Program - Department of Defense