Hampton Roads ERB Military scramble to figure out what to do with their homes

In the last few weeks since Christmas I must of had a dozen calls from Hampton Roads Navy personnel who received pink slips and are now scrambling to figure out what to do with their homes.  Many Norfolk Sailors who were let go as a part of the Navy's enlisted retention boards layoffs are now trying to figure out what is next for them.  If you have not heard Navy.mil reported that "a total of 2,947 sailors were given pink slips by the Navy late last year as part of an effort to reduce personnel in 31 overmanned ratings."

Sources told the Navy Times that only a fraction of those sailors — roughly “300 to 350” will actually qualify to retire through the 15-year option.  So if only roughly 300 sailors who were cut through the fleet’s enlisted retention boards will receive the new, early 15-year retirement option recently approved by Congress. What happenes to the other 2600 if they can not find new employment?

These are a few of the questions I have had

1. How do I sell a home that is worth less than my mortgage balance?

2. How do they pay their mortgage or even rent a home with no employment?

3. How can they find out if they will qualify for a short sale?

4. If they took the Tax credit and it hasn't been three years do they have to pay it back or pay taxes on it?

This is just a few questions ERB Sailors will be asking me and others as their official departure day draws closer.

I spoke to one sailor who said "When reenlisted in the Navy I thought my contract would be honored for the 4 years I re-listed for and I planned my life and bills accordingly.  I never thought I would be forced out and amongst the unemployed."   

I spoke to another sailor that says " My only hope for employment is to leave the area I must consider selling my current home even if it means as a short sale."

Most bought their home with a VA loan but each lender and loan type has its own guidelines for short sales so it is not a 1 + 1= 2 situation

If you are a ERB sailor needing to sell your current home give me a call and lets discuss your options.