Job transferring us to Kentucky from Hawaii-questions (foreclosures, renters)

[jim503]

Hello all!!
Seems that we will be moving back to Kentucky due to a job transfer by my husbands company. They sent us here last April on 4 days notice. We bought a house 2 months ago and now we are having to deal with getting out of that. Looking like forclosure would be the more attractive option to take a credit hit versus losing our retirement nest egg to pay the mortgage each month it sits empty as well as the $18,000 commission to sell it. We will be leaving by January 7th probably.

But we shipped our cat here and jumped through all the hoops, my question is on the flip side flying back what is necessary? They usually fly Delta, so we are looking at just what ever they require?

Thanks in advance!!

[CyberCity]

Have your husband's company make the monthly mortgage payments until the house sells. After all, they are contributory to your bouncing around, and having bought in the first place with just a 2 month job left.

As for the cat, there is no outbound quarantine, and you'll just need to check with the airline you plan on using for their rules.

[whtviper1]

Why wouldn't you rent the house? Rents are way up in Oahu. You need to talk to an attorney to ensure you don't fall under mortgage fraud if the house is only 2 months old.

[Becca8377]

The only paperwork you need for the cat is a health certificate from your vet - I believe it has to be within 15 or so days of travel. Your vet will know, so ask them.

[jim503]

We got a USDA loan and it was said we could not rent for 2 years. Plus we just want to be done and not have to worry about finding renters and them tearing up the place. So much to think about in a short time.

The company is paying to move everything we have as well as our 2 cars and paying airfare over to secure a place to live and come back, then to move in 2 weeks after that. When we sold our house in KY they paid the commission to sell the house there, which was less than half of this. They are not willing to pay anymore on this than the move, cars and airfare. So it is either that or you have no job, good luck.

We will be calling Chase to feel it out and see what to expect and if there are any options. I have already talked to 2 loan officers.

[whtviper1]

Originally Posted by jim503

I have already talked to 2 loan officers.

My wife is one of the more experienced loan officers on the island - and they are in the business of selling you the loan - not advising you when your loan blows up.

Speaking to an attorney first rather than a bank that doesn't have your best interests is a more prudent way to go.

Here is a good article on USDA not looking to kindly on defaulting on your mortgage - not as easy to walk away than you think.

http://online.wsj.com/article/SB1000...591760584.html

[robertpreston]

Where's your house? You may be able to flip it. Forget talking to a mortgage writer, loan officer, bank manager etc. Talk to a tax accountant or better yet a tax attorney; you may be able to sell for a loss but come out even in the end. Strategic foreclosures are only nifty in the movies. You really want to avoid it.

[jim503]

The loan officers I spoke to are freinds, it was not my loan officer. We were just trying ot talk to several people at several diff paces to get different views of what the options were and what was going to happen either way. We are feeling out our options before we decide what to do. I tried to get the article to come up but I do not have a subscription to the wall street journal so I could not see it. I did read a few though that pretty much said that the government was a bear when it came to collecting for a USDA default.

The townhouse is in Makakilo. We are just trying everything right now to see what we can do. We just did not get any forewarning. At least we are grateful he still has a job, but this opened up a whole new batch of problems.

Thanks for the input as we gather info!

[honobob]

Ewa Plain leads Oahu in October home sales, Waikiki tops for condos - Pacific Business News

The rental restriction should be waived with proof of relocation. Rents AND prices are up. What happens if they transfer you back to Hawaii? I would consider renting or selling even at a small loss.

[whtviper1]

It didn't require a subscription when I posted. Looks like it does now. Google USDA foreclosure. Basically, the article is about not messing with the Feds on these loans.