Need Real Estate Help Please

[nd_fan77]

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.

 

[jpcavin]

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.

Don't know what HAP and DNRP is but what is your current interest rate and could you refinance at a lower rate so you can rent it out, even if you don't make any extra on the rent? BW, where is this condo?

 

[nd_fan77]

Don't know what HAP and DNRP is but what is your current interest rate and could you refinance at a lower rate so you can rent it out, even if you don't make any extra on the rent? BW, where is this condo?

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!

 

[jpcavin]

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....

 

[nnuut]

I've had 3 VA loans for a home!