Long story short:
Military family, moving to a new duty station in a few weeks. We started the short sale process back in February, got an offer at $170K and stopped paying the mortgage as of March 1 (because the bank said they would do nothing while we are current on the mortgage, and until we move in May, we can pay the mortgage but wanted to get the short sale completed asap preferably before we move)
The bank came back today with an appraisal at $247 which is even more than what we paid for it 6 years ago! Nothing in this neighborhood has sold for over $200 in several years, the city assessment is $202, we had an offer 2 years ago at $199 and our real estate agent appraisal was $175.
With this ridiculous appraisal, there is no way we can complete a short sale, but we MUST leave in May.
Can we move straight to a DIL?
The ONLY thing I care about is getting this all done before 12/31/2012 because of the tax implications after that date.
Oh, and we do not qualify for HAP through the Military. And this is a VA loan.