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What Is A VA Short Sale?

By
Real Estate Agent with Boise Homes Realty brokered by Found It LLC

What Is A VA Short Sale?

 

 

VA Short SalesIf you are a homeowner with a VA loan and you are trying to avoid foreclosure because you are are unable to sell your home for an amount that is greater or equal to your VA loan balance then you might be eligible for a VA short sale which is called a VA Compromise. If you are eligible, the VA may pay a "Compromise Claim" allowing you to sell your home even though you have negative equity.

 

 

It is important to know that you may be required to pay the "Compromise Claim" off in the future if you want to use your VA Certificate in the future. However, a VA Compromise Claim would not preclude you from pursuing other types of home loans like FHA or conventional financing.

 

Key Highlights for VA Short Sales include the following requirements:

  • Your home must be sold for fair market value and may be subject to an appraisal
  • All closing costs must be considered usual and customary
  • The Compromise must be more cost effective than a foreclosure
  • The Seller must have a bonafide financial hardship and complete a Compromise Agreement application and short sale package

 

Other Options

 

Servicemembers Civil Relief Act - You may be eligible for relief provided by the SCRA. The SCRA is a program that is intended to provide relief from economic and legal burdens that are unique to military personnel during active service. Qualified personnel must request protection under the SCRA and loans must have been originated PRIOR to the current period of active military service. Potential benefits may include a lower interest rate and temporary foreclosure or eviction protection.

 

Special Assistance to VA Loan Borrowers - When a VA loan becomes delinquent, homeowners may qualify for special assistance in order to avoid foreclosure. If a loan servicer is unable to provide needed assistance, the borrower can call (877) 827-3702 for additional help.

 

For more information about benefits available for veterans and active service personnel check out: va.gov/homeloans/veteran.asp.

 

If you are interested in learning more about how a Certified Distressed Property Expert can help you with a VA Compromise (VA short sale) so you can avoid foreclosure then contact us at (208) 571-9164.

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Keith Vermilyea (208) 571-9164

Your Boise Real Estate Consultant For Life

Home Buyers Marketing II, Inc.

www.SearchForBoiseHomes.com

Serving Ada & Canyon County Buyers and Sellers 

 

 

 

 

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