blankenmom
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Posted: Sat Oct 23, 2010 4:12 pm Post subject: Options?
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We are military and were in NJ while my husband was going to school at NYU. We've now been stationed elsewhere. Our mortgage in NJ is nearly $3000 and our rent here is $1,100 (our BHA is at $1600, but we're using the extra to help pay for the other house). Student loans start next month at around $1500. We have kids and new expenses that come with being an officer (uniforms, equipment, classes that the military doesn't pay for). Currently we are paying for both homes and utilities with all of our savings. We don't have much left though. The best we can hope for, for rent is $1750 and the sale price is $189,000 (we bought it at $275,000 in July of 07' with a 7% interest only loan). We have been trying to sell it for about 6 months now, but the market is so over-saturated in that area that it's nearly impossible to sell. I'm just not sure if I can do this anymore, especially once my husband get's deployed. We will be PCSing again in June to 3000+ miles away, making it nearly impossible to take care of any problems with renters. We've already asked for an SCRA, but the mortgage company is dragging it's feet, plus it will only lower our payments by a very small amount. We are at a total loss as to what to do - we can't afford to keep it and we can't afford to lose it! (How will we rent at our next base? That will create a security clearance issue if we lose our good credit!)
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