One of my employees moved due to job about 1 year ago (same company; moved to stay with the company due to job elimination); he bought a small trailer home and is currently living in that with his family to reduce costs. His savings has dried up over the past year trying to sell his home in his previous state of work. Price on his home has dropped from $275K to $210K with no bites whatsover. $210 is losing $25K (not counting realtor fees), I believe...
He already tried to get assistance from the mortgage company that has his VA loan (Wells Fargo), with no luck obtaining other options. He stated to me this would be the first month he wouldn't be able to make payments on the home. His family has asked for assistance from financial advisors, and the same answer comes up...walk away.
I wanted to research and ask this board what options are out there for him besides foreclosure? Him and spouse have terrific credit (780) and are very hesitant about pursuing foreclosure, but savings well is dry and mortgage company seems to not want to help.
Any special VA assistance programs out there? Or is it in his best interest to stop payments and focus on finding a rental home in his new residence for his family before foreclosure status hits his credit?
Appreciate any advice or comments...
He already tried to get assistance from the mortgage company that has his VA loan (Wells Fargo), with no luck obtaining other options. He stated to me this would be the first month he wouldn't be able to make payments on the home. His family has asked for assistance from financial advisors, and the same answer comes up...walk away.
I wanted to research and ask this board what options are out there for him besides foreclosure? Him and spouse have terrific credit (780) and are very hesitant about pursuing foreclosure, but savings well is dry and mortgage company seems to not want to help.
Any special VA assistance programs out there? Or is it in his best interest to stop payments and focus on finding a rental home in his new residence for his family before foreclosure status hits his credit?
Appreciate any advice or comments...