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Old 02-11-2009, 09:08 AM
5 posts, read 14,470 times
Reputation: 12


I bought a condo in los angeles in 2007 for $267k with my va loan benefits. Its is underwater due to shortsales in the complex. It is down about $110k. So i cannot sell it. The problem is i am currently struggling with payments. Now, my company is relocating to Texas and i cannot afford to hold on to the house. I cannot even afford to rent it because i would still lose money. So, my only option is a short sale or foreclosure. If i foreclose on the home, will the va/government come after me for their loss? Will they pursue my other assests and garish my wages, even thought i dont have much?
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Old 02-20-2009, 08:09 AM
95 posts, read 217,344 times
Reputation: 41
I would call or go to the VA and tell them your situation. See what they say. I'm sure you're not alone in this. Jobs are hard to come by in most professions, so I'm sure they'll take that into consideration. If you lose your job, you won't get paid, they won't get their money.

President Obama's package may help you. It's designed for people in your situation. You would of course have to stay in LA and hopefully find work.

I believe the government uses a 31% of income figure to calculate your payments.
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