va compromise sale: A Plethora Of Misinformation Always Makes For Interesting Discussions - 02/28/12 04:31 PM
One great thing about social media is when inaccurate information surfaces you quickly recognize your own and fellow agent's hot buttons.Even though it's still early in the week two of my hot buttons have been hit and by the reaction of a few other agents who also have seen the information, theirs have as well. The first was a blog post written by an agent (I won't include a link) stating that a veteran or active duty military member would lose their benefits if they completed a short sale or foreclosure. Say what?A veteran or military member who completes a … (98 comments)
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va compromise sale: Ft. Belvoir Families-Are You Wondering Whether Your PCS Orders Qualify As A Hardship - 01/11/12 09:35 AM
Are PCS orders considered a hardship? It's a question that we are asked frequently by military families stationed at Ft. Belvoir, Quantico MCB, the Pentagon and other installations part of the Military District of Washington. Last fall the Fannie Mae issued guidelines to include Permanent Change of Station (PSC) orders as a hardship. A hot line was (877-MIL-4566) created for service members to be able to discuss foreclosure prevention options available.
In addition Fannie Mae also announced a six month military forbearance program where the death or injury of a service member on active duty causes a hardship for military families … (6 comments)
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va compromise sale: Are You Upside Down On Your VA Loan And Need To Sell Your Woodbridge Home? - 01/09/12 05:17 PM
If you're not sure what a VA Compromise sale is you can check out my previous post "Military Families Options if You Are Upside Down on Your Mortgage." In brief it's a short sale for VA loans.
Now the Veteran's Administration (VA) has added a $1500 Relocation Bonus for VA Compromise Sales at closing. The funds must be shown on the HUD-1 provided at closing.
This announcement comes on the heels of the Treasury Department saying some military families may be eligible for HAFA approved short sales without showing a drop in income. Fannie Mae and Freddie Mac have also changed … (12 comments)
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va compromise sale: Woodbridge Military Family Makes A Move After A Successful VA Compromise Sale - 08/26/11 09:38 PM
First a deployment and then PCS orders meant my sellers needed to make a move. Unfortunately they had missed the deadline to qualify for the Department of Defense Homeowners Assistance Program (HAP) so it looked as if a short sale was in their future. As we started talking about the process I learned they had a VA loan on their home which meant there was another alternative.
Though a VA Compromise sale is similiar to a short sale, the lender can file a claim with VA for the difference between the proceeds and the payoff amount. This makes it easier for … (0 comments)
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va compromise sale: VA Loans, Foreclosure Avoidance, and Relocation Assistance For Nothern Virginia Service Members - 08/11/11 10:01 AM
This is good information for military service members in Nothern Virginia to know. If you have a VA mortgage and need to sell your home due to PCS orders or family hardship make sure your lender understands that you have a VA Mortgage. Many lenders have a separate group in place to handle processing of VA Compromise Sales.
Via Bruce Reichstein (VALoans.com - Expert VA Loan Officer - Agent Trusted Lender):
No VA borrower wants to think losing their home is a possibility, but in some cases it’s unavoidable due to personal financial issues, job loss, medical issues or related problems. … (1 comments)
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va compromise sale: Military Families-Options if you are Upside Down on Your Mortgage - 12/26/09 05:40 PM
In a real estate market where prices have declined military families with PCS orders face a difficult decision. Do you hold on to your home and rent hoping for prices to rebound in another 3-5 years or attempt a short sale and hope that your lender will consider PCS orders a "hardship?"There are two other options that may be available for you to consider as weill. Military families stationed at Fort Belvoir, the Pentagon, Quantico and other Military District of Washington installations who purchased a home prior to July 1, 2006 may find that Homeowner Assistance Program (HAP) may offer some … (24 comments)
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va compromise sale: Military Relocation-Options When You are Upside Down on Your VA Loan - 08/24/09 07:25 AM
Currently I'm working with a number of families in Northern Virginia who are qualified for the Department of Defense Homeowners Assistance Program (HAP) but there is another option for military families who have received orders and are upside down on their home value.If you have a VA Loan you may be eligible for a VA Compromise Sale. In our region of Northern Virginia the VA Regional Office which will provide you with the latest updates is the Roanoke office. The VA Compromise sale does have several factors that are important to remember:
• The property must be sold for fair market … (12 comments)
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