Norfolk Military ERB Sailors 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 Va loanspersonnel 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.

IVeteran Military Va loans 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.

 

THE HAMPTON ROADS REAL ESTATE LADY!

Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.

“I can dream alone, build alone and strive alone, but true        The Hampton Roads Real Estate Lady!

success always requires the help and support of others.

Please send me your referrals.”

 

Visit my website today,

The Hampton Roads Real Estate Lady!

Deandrea “Dee Dee” Jones

Associate Broker / Recruiting Sales Manager Peninsula

Blu Skyy Realty   Virginia Beach, VA

http://DJonesRealEstate.com

djoneshomes@gmail.com

 

 

 

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About djonesrealestate

Contact me for all you real estate buying and selling needs in VA, DC, and MD. Need to find an agent in a different city- contact me and I can also help you relocate Nationwide! Let me give you the Red Carpet Treatment! I have been a Real Estate agent since 1996 previously licensed in California and Illinois, and currently licensed in Virginia, Maryland, and Washington DC. I am a mother of three and a Navy spouse, as your agent I am committed to exceeding your expectations. Whether you are a first time home buyer or some one who has bought and sold several homes I offer all my clients the benefits of professional customer service, industry experience, and innovative marketing. If you work with a church or non-profit group and would like me to host a home buying course. Please feel free to contact me! DeAndrea Dee Dee Jones Principal Broker DC, MD Realtor VA Home Buyers Marketing II, Inc HBM2, Inc. DJonesRealEstate.com

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