I was wondering if people could help me on here. I own a condo and am being BRAC'ed to MD. I just miss HAP but tried DNRP. Well I received back a joke offer and now I am at a huge dead end. The offer was a significant amount from what I owe on my mortgage. Also the mortgage is too high to rent, unless I only get back 3/4 best solution. What would you do if you owe more than what you could possibly make from the sale of your home? Do I take half my tsp and just get out? Well how much do you make back in taxes the next year with a huge loss on the sale of your home? I wouldn't ever want to just hand the keys in but when you are just throwing money away, it then comes to mind.
If you PM me I can give you better figures, but out here in the open would prefer not...Thanks Tim
*Side Note* DNRP makes you list sale price now to 5% of their offer, so that also is a killer.
jp,
It's in NJ and the area lost a lot due to the BRAC. HAP is where the gov't gives you 90% of the market value of your house when BRAC was announced, 2005. DNRP uses appraisals then gives a middle average. Can you still refinance for a better rate even though your value is under what you owe? Mine is 6.785, but can you buy another house if I have this property with no equity? I need to get a house to fit my family. Thanks for your help!
The fact that you have no equity doesn't really matter as long as you have enough for a down payment or can do one of those VA no nos (zero down) on another home. Is your current loan a VA loan? Rates today are at a record low. Your current mortgage however, will be used to compute your debt to income....
I've had 3 VA loans for a home!
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