Breaking News - Northern Virginia Military Homeowners Get Money For
VA Compromise Sale On Upside Down Mortgages
As of January 6, 2011, the Department of Veterans Affairs has authorized mortgage services to pay $1500 to veteran home owners who are upside down on their mortgage and complete a VA compromise sale. This is good news for veterans who are facing a financial hardship and must sell their home for less than what is owed on the mortgage. Homeowners who purchased a home with the VA loan, took advantage of the benefit of buying a home with zero down payment. With the decline of the real estate market in Alexandria, Lorton, and Woodbridge, VA, this cash incentive will hopefully encourage veteran borrowers who are considering foreclosure, to pursue a VA Compromise Sale.
Similar to the HAFA short sale program where owner-occupants can receive up to $3000, the $1500 credit must appear on the HUD-1 closing statement. To clarify, the $1500 incentive is not paid in advance of closing, but is provided upon successful completion of the VA compromise sale. Homeowners are encouraged to work with a real estate professional in efforts to sell the home at market value.
If you are a military homeowner who purchased your home with a VA loan in Alexandria, Lorton, or Woodbridge, Virginia, you may qualify to sell your home under the VA Compromise Sale program. Contact us today for more information.
Source: VA Circular 26-11-1.
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