Fustrated Military Member in NE with house in CA that won't sell

[NJPNJP]

Does anyone have some advise for a fustrated USAF member. I am active duty with a house in Northern CA we bought 3 yrs ago for $593,000 and put in over $25,000 in improvements. We put $100,000 down and have two mortgages with Countrywide ($28,500 and $460,400). We've never missed a payment. Unfortunately, the house has been on the market for over 6 months and is now listed at less than $500,000. We stand to loose not only our investment money but even more. The AF made me move in July to NE and my spouse is still in CA trying to sell the house. I am living with a relative because we can't afford to get anything in NE. We have the income to pay the mortgages but it's like throwing money away since we will never recoup it anymore. Does anyone think we would possibly qualify for short sale and what do we have to convince Countryside to do so? ALso, how bad will it affect our excellent credit rating is we let the house go into foreclosure ? CA is a nonrecourse state so they couldn't come against us for any deficienty.....right? Thanks so much for any help you can offer!

[Dan Bailey]

NJPNJP

Welcome to the forum and thank you for joining, also, thank you for serving the country! Cat or Moe will be by to give you some answers to your specific questions and some good direction.
There are some posts in the "short sale" part of the forum that list the hit your CR may take with a short sale.

Hang in there, dont lose hope!

[Maurice Bedard]

Hi NJPNJP,


Welcome to the forum and thank you for joining........

If you want to go the Short Sale route you would need to call Countrywide and ask for a short sale/hardship package............so that you can have your information in when your agent gets an offer it will be ready to go.........
1-800-669-6650


I am not sure if this will help, but here is a thread on some information for military members.............

http://www.loansafe.org/forum/tell-u...duty-only.html