If you have received PCS orders and own your house, there is a chance that you are not able to sell your home equal to what you owe on it and renting it out might not be a possibility for you either. What a terrible demise.
Slowly but surely this problematic situation is recognized by banks, government programs and institutions. So far you might have had the option for a sale under the HAP program. However, this is a long and tedious process. As HAP funding is dwindling simply ‘qualifying’ for the program is not necessarily guaranteed.
I am glad to say that there are more options out there for you. One of these new options is the HAFA program. ( In short: HAFA pays incentives for a short sale or a deed-in-lieu of foreclosure used to avoid foreclosure when a borrower is financially unable to continue to pay their mortgage) In the recent years, having received United States orders to a permanent change of station was NOT considered a hard ship and therefore you, the military member, did not qualify for this program. This was an unjust situation. After it was brought to the attention of policymakers, a change has taken place.
Under the new guidance, servicemembers who cite a PCS order as the basis for their financial hardship when asking for help under HAFA will now be eligible even if their income has not decreased. [via]