What can I do about a mortgage if I’m relocated by the military, and therefore cannot afford my payments.?

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My husband and I bought our house when we were first married and now he has entered the USAF. When the time comes that we are relocated I will be unable to afford to make payments on my current home, as well a paying rent to live somewhere else. With the housing market the way it is it is difficult to sell, and many houses in my area are staying on the market in excess of 6 months. If I am able to finally sell my house, I am afraid I will not be able to obtain the full amount to pay off my loan after early payoff penalties and such.

What is there that I can do other than default on my loan if I’m relocated before I can sell or if I cannot sell it for enough to cover the full payoff amount? I don’t want to completely abandon my financial obligation, but I also am realistic and know that I cannot pay for a house that I’m not living in. I can only afford my payments now because it is my current dwelling.
We’ve considered renting out the house, but we’ve agreed that it is more trouble than we can keep up with at the moment. Plus, we aren’t sure if we could rent it out for enough to cover our payments and if we have any time where there are no renters we are still responsible for those monthly payments.

  1. Reply
    Big Tom
    May 15, 2011 at 1:59 am

    Rent the house as long as you can to pay down enough equity to sell it outright. That is the best way. You may have to eat some of the cost of the house but atleast that will end up allowing you to walk away without ruining your life.

  2. Reply
    May 15, 2011 at 2:33 am


    This might be a help for you and him. In addition to that, you could try renting out the house if you can’t sell it to help pay until you find a buyer. You may want to also post this question in the Renting and Real Estate section to see if they have some advice as well.

  3. Reply
    Max Hoopla
    May 15, 2011 at 3:17 am

    You may be entitled to the benefits of the Soldiers and Sailors Relief Act. Your husband should check with his legal affairs office for assistance.

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