Posted on: 20th Jan, 2011 06:08 pm
Hello.
I am financially unable to make my mortgage payments unless I receive my military housing allowance due to an ongoing government debt dispute which has put me and my family in financial hardship.
I expect to be transferred from Arizona to Florida within the next few months. I cannot attempt a short sale due to the fact that I would have no way to finance a move or to afford a temporary place to live in until I am transferred either.
Question: With a VA home loan, would I be eligible to negotiate a deed in lieu of option with my mortgage company?
When I arrive in Florida I plan to rent instead of buying however, I do not want to damage my credit rating and my standing with the VA.
Any assistance would be appreciated.
Thanks.
Dave
I am financially unable to make my mortgage payments unless I receive my military housing allowance due to an ongoing government debt dispute which has put me and my family in financial hardship.
I expect to be transferred from Arizona to Florida within the next few months. I cannot attempt a short sale due to the fact that I would have no way to finance a move or to afford a temporary place to live in until I am transferred either.
Question: With a VA home loan, would I be eligible to negotiate a deed in lieu of option with my mortgage company?
When I arrive in Florida I plan to rent instead of buying however, I do not want to damage my credit rating and my standing with the VA.
Any assistance would be appreciated.
Thanks.
Dave
welcome macmcdermaid,
though you've a va loan, you'll be able to negotiate for a deed in lieu of foreclosure option with your mortgage company. this will drop your credit score by 250 points. however, it will depend upon the lender whether or not he will accept your request.
though you've a va loan, you'll be able to negotiate for a deed in lieu of foreclosure option with your mortgage company. this will drop your credit score by 250 points. however, it will depend upon the lender whether or not he will accept your request.