Military in a pickle--not sure what to do! - Loan Modification Forum

dan102877 · 10-23-2009, 10:45 AM

My scenario:

I am active duty military with orders to move in May 2010. I am recently married this year so we have my wife's condo and my house. We currently have the condo rented until Jan 2010, but we are taking a $300 hit each month on it. We had it listed to sell for about 6 months prior to that with no offers. There are too many short sales in the complex.

We recently met with a realtor to prepare it for listing again once the current tenant's lease ends in Jan. He said there is no way we can list it for what we owe ($111,000)....which is way less then what my wife paid for it ($162,000). So, we were hoping to be able to rent it for more so were weren't taking so much of a hit each month, but the realtor brought up comparibles and looks like we won't be able to list it for any more either.

So, now the house that we curently live in. I did an 80/20 loan on it with a HELOC on top of that. Some of the HELOC was used for improvements, some were used to pay off some bills, etc. I am not eligible to use the HAP program to get out fromt he house because there is a HELOC against the house. I have already spoken to realtors about my house and have been told the same thing...Won't be able to sell it, and can't list it for anywhere close to what my monthly payments are (~$1400). They are saying if I'm lucky I might get $1000/month in rent. The house is about $80K upside down.

What do I do? I have to leave in May, and I have to have a place to live at my next duty station. I'm looking at taking a $1,000 hit each month...with renters in each place! I won't make it! Do I have any options? Any advice is greatly appreciated!

Condo: Wells Fargo
House: 1st and 2nd w/ BoA/CW, HELOC w/PNC

caldwellb02 · 10-23-2009, 12:01 PM

Dan - There are phone numbers that military families can call that may be able to help in this situation. I don't know what those numbers are. You might try to call your local Red Cross and ask them for a number for an SMF (Services to Military Families) person. They should be able to get you a number to call for your particular branch of the military. This isn't the first time I've seen this issue come up - it would be interesting to know if the military has negotiators who might help. Please let us know if you find out anything.

dan102877 · 10-25-2009, 06:22 AM

Yes, The condo is in my wifes name...and the house is in my name.

10-23-2009, 10:45 AM	#1 (permalink)
dan102877 Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Military in a pickle--not sure what to do! My scenario: I am active duty military with orders to move in May 2010. I am recently married this year so we have my wife's condo and my house. We currently have the condo rented until Jan 2010, but we are taking a $300 hit each month on it. We had it listed to sell for about 6 months prior to that with no offers. There are too many short sales in the complex. We recently met with a realtor to prepare it for listing again once the current tenant's lease ends in Jan. He said there is no way we can list it for what we owe ($111,000)....which is way less then what my wife paid for it ($162,000). So, we were hoping to be able to rent it for more so were weren't taking so much of a hit each month, but the realtor brought up comparibles and looks like we won't be able to list it for any more either. So, now the house that we curently live in. I did an 80/20 loan on it with a HELOC on top of that. Some of the HELOC was used for improvements, some were used to pay off some bills, etc. I am not eligible to use the HAP program to get out fromt he house because there is a HELOC against the house. I have already spoken to realtors about my house and have been told the same thing...Won't be able to sell it, and can't list it for anywhere close to what my monthly payments are (~$1400). They are saying if I'm lucky I might get $1000/month in rent. The house is about $80K upside down. What do I do? I have to leave in May, and I have to have a place to live at my next duty station. I'm looking at taking a $1,000 hit each month...with renters in each place! I won't make it! Do I have any options? Any advice is greatly appreciated! Condo: Wells Fargo House: 1st and 2nd w/ BoA/CW, HELOC w/PNC

10-23-2009, 12:01 PM	#2 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,774 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Military in a pickle--not sure what to do! Dan - There are phone numbers that military families can call that may be able to help in this situation. I don't know what those numbers are. You might try to call your local Red Cross and ask them for a number for an SMF (Services to Military Families) person. They should be able to get you a number to call for your particular branch of the military. This isn't the first time I've seen this issue come up - it would be interesting to know if the military has negotiators who might help. Please let us know if you find out anything.

10-25-2009, 06:22 AM	#3 (permalink)
dan102877 Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Military in a pickle--not sure what to do! Yes, The condo is in my wifes name...and the house is in my name.

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