Posted on: 04th Dec, 2012 11:38 pm
I bought a home in Florida in 2006 for about $240,000 using a VA loan. This is not our primary residence anymore and we now live in CO and used the rest of our VA entitlement to purchase the CO home. It is now a rental property. We currently owe about $190,000 on it. The market there has completely crashed and the home is now worth about $100,000 if not less. We do not get enough rent to cover our mortgage payment each month either. Are there any options for us? Shortsale, foreclosure or just walking away will jeopardize our jobs. We have called places asking for help, but we typically get laughed at because our household income is over $150K. Looking for any possible option or ideas.
Hi Camp,
As you don't have equity in your property and your property is underwater, you can check out the option of Home Affordable Refinance Program (HARP). It might help you solve your issues.
Thanks,
Jerry
As you don't have equity in your property and your property is underwater, you can check out the option of Home Affordable Refinance Program (HARP). It might help you solve your issues.
Thanks,
Jerry
Hi Camp!
Welcome to forums!
The Home Affordable Refinance Program will really be a good option for you as you don't want to go for the options of short sale, foreclosure or just walking away.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The Home Affordable Refinance Program will really be a good option for you as you don't want to go for the options of short sale, foreclosure or just walking away.
Feel free to ask if you've further queries.
Sussane