I'll try and keep this short and sweet. These events transpire over the course of this past year.
My wife and I had a baby boy in Guam and decided that our next duty station should be closer to home.
We got moved to Virginia and decided to become home owners as we would be stationed there for at least 4 years and then I'd probably stay in that area so it seemed like a good move for us.
We used my va loan to purchase our home and all was good.
Last November I started having seizures. I was put in a limited duty status for 6 months and had a bunch of tests ran to try and determine the cause. No cause was found and I was diagnosed with generalized epilepsy. Close to the end of that 6 month period I had another seizure so I've been put on medication. The seizures didnt stop so they upped my dosage. I cant drive, I cant do my job so I was sent to the medical separation board to be processed out of the navy.
Now. With these events we cant afford the mortgage of our home along with other life expenses. Our plan is to move back near my wife's family so they can assist us with baby sitting while I go to college and try to get a decent job.
We've contacted a realtor to look at our home and assist us with these decisions.
With us only owning this home for a year you can safely assume we havent been able to build ANY equity on our home.
Our realtor advised us that renting the home is a good option that way we can build equity and possibly sell at a later date. The issue is that if we rent the home we'll be breaking just even on our mortgage payments or possibly paying something along the lines of 50 dollars a month towards our home here. We'd also need a property manager which runs approximately 10% of the monthly rent in this area.
another option obviously being to sell the house and take out a personal loan to cover the closing costs of the house.
We'd be free of any attachment but we'd leave with around 15-20k in debt.
The last option would be to file for hardship and short sale the house which I'm told would burn our good credit to the ground.
I'm kind of at a loss for what to do here. If anyone has been in a somewhat similar situation or has any advice I'm all ears!
Thank you for your time and for reading this post!
Submitted October 25, 2018 at 12:16AM by xKrossCx https://ift.tt/2CEefp9
