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PCS cant sell scared of foreclosure
Last Post Jun 13, 2010 04:44 PM by Nakia. 3 Replies.
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Nakia Posts:831
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May 16, 2010 12:02 PM

    My Husband is 14 1/2 years in we have been stationed in VA for 7 years. We felt this area has a huge military presence we would probably be here until he retires so we bought a home. Of course my husband goes on deployment and has to search for orders while deployed. First orders were for Maryland we decided we would live apart for 1 year with him making weekend visits home so my daughter could finish high school and we would have time to sell the house. NOPE orders invalid. We look again my husband applies for several orders in VA and one in Florida guess which ones he recieves? FLORDA!! We refuse to be separated by 10 hours and almost 700 miles we have been apart too much already so we put the house on the market but before we do that I research I speak to our lenders and explain the situation and start the short sale process. My husband is now in Florida in our rented $1200 a month house, me and my graduating senior, and 2 others are here in VA until the school year ends. We had a contract on the house fell through because the realtor for the buyer didnt know what he was doing, now house is back on the market! I work full time have a son who suffers from seizures and has a lot of trouble with school, a graduating senior and a daughter who has to leave the school she has been in since a freshman to join a new school her senior year, not sure how much longer we can afford two residences, facing the possibility of foreclosure! I am stressed and dont know what to do!! I have applied to the HAP program all I am told is they only help those who have a contract on their house so if I dont have a contract for a buyer they can not help. They have this government aquisition where they buy the house for the full amount of whats left on the mortgage but youhave to have a buyer and alot of other stipulations, and it could take up to 3 months for that to go through. I will no longer be employed once I leave VA so the prospect of us continuing to be able to pay the mortgage on this house and the rent for the other house is out the window. I dont know what other resources are out there but I am stressed!!

    Denise Korpinen Posts:831
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    May 18, 2010 04:27 AM
    • Correct Answer?
    Nakia,
    Sounds like you have a lot going on there. I am not sure if you have stopped paying this mortgage. That would make it more complicated, but not impossible, to go HAP. If you are still working with a Realtor and looking at HAP, please have them contact me. I will do what I can to help screen you for HAP and get the ball rolling. If you are with a Realtor who knows your market and how to screen a buyer- I can help coach them through HAP benefits maze. Let's see if we can't get you, your hubby and kids into the same home again. Denise (858)442-7233
    Nakia Posts:831
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    May 21, 2010 05:33 PM
    • Correct Answer?

    Thanks Denise, I will give you a call and explain my situation. I appreciate any insight you can give me on this

    Nakia Posts:831
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    Jun 13, 2010 04:44 PM
    • Correct Answer?
    Just wanted to update. We have an offer on the house the bank has approved it we are selling it as a short sale. The bank was quick to respond and approve the sale. We were not behind on our mortgage at all. We are set to close on the house on the 25th of June. My question now has to do with HAP. I did my HAP application in March. It sat there until we got an offer. Once we got the offer we went thru appraisal. That apparantly turned out ok, but since we are in a short sale and have to close so fast the bank approval states they have to have the funds by June 30th or approval is null and void, my HAP worker tells me that my application will not go any further without the signed deed and HUD 1. Does anyone know specifics about the new rules for short sale process with HAP because I am concerned we will not get any funds because the amount of the forgiven debt will be a little over $38,000. And our appraised value with our improvements brought our home value to $203,700 and HAP only gives you 90% of that. We have no other loans or lines of credit on our home but we have only owned it for barely 4 years. I would appreciate any input on this. Thanks
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