What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?

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What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?

bank of America VA Compromise

I just received an approval on a Crestview Florida short sale. Not just any short sale, but on a VA Compromise Sale. When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement. That is called a VA Compromise Sale or Offer in Compromise. In that case, when working with Bank of America, you won't see the dreaded "Deficiency" approval letter, where they "reserve the right to pursue a deficiency".

Here is the approval letter for a Bank of America VA Compromise sale:

bank of America VA Compromise

If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent. In fact, I am thinking of one right now :)

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Short Sales, HAP and Offers in Compromise - Pre Foreclosure Help.

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Posted by Wendy Rulnick "Its Wendy!" Destin Florida Short Sales on 03/04/2010 06:55 PM

Comments (10)

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Originally posted at: Destin Florida Short Sales & Real Estate by Wendy Rulnick: What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?

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10 Comments on What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?

MAR

2010

Wendy, congratulations on yet another Short Sale Approval. You are the Destin Short Sales - Emerald Coast Florida Real Estate Expert!

Wendy,

Thanks for the information.

How long did it take?

Bill

Wendy: This is great information for those who are not experienced with this kind of transaction. Clearly you are the Destin (and surrounds) expert on this and many other matters.

Nice work Wendy!

MAR

2010

Nice job Wendy. Interesting. Short and sweet, it's the way I like to see them!

Go Wendy...I see they're giving a closing date of 4/28, do they alway give so much time?

Hi Bill- The VA Compromise approval took about four months. The VA delegates the process to whichever lender is servicing the loan. So it really gets thrust into the Loss Mitigation/Short Sale department. It could take a few to six months...

Laura - I think they are increasing time to close due to worries over new HUD

Congratulations Wendy! I am in the middle of two short sales now....both with Bank of America. I am glad to know that someone can get one closed through them.

MAR

2010

Thank you for the information on a VA loan. You are a wealth of knowledge. Do you have a commercial agent to team with as that segment enters into the next phase? With your knowledge and contacts, how will take advanatge of the commercial wave?

MAR

2010

Cool, thanks Wendy! Congratulations on another short sale approval! You are the Queen!

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