Military and San Diego Short Sales - If you're active duty military and facing foreclosure on your San Diego home there are options. A short sale is when you're able to sell your home for less than what is owed on the property. In other words, the bank or lien holders agrees to settle for less than the mortgaged amount. A short sale is a better option than foreclosure due to credit score negative impact and tax liability.
For military members in San Diego there's an even better option than a short sale if you're upside down on your home. There's an excellent program called the US Government Housing Assistance Program or HAP. For those members of the military that qualify, the Government will either come in with a check at closing to pay off the balanced owed on the home or buy back the home then simultaneously resell the home to a buyer. A major difference with the HAP benefit is that no approval is required from the lien holder or bank and the process is far less stressful than a normal short sale.
The military homeowner must not be delinquent on payments and have reassignment orders to a permanent duty station of at least a 50 mile radius from member's previous homeport. Here are some of the other key eligibility requirements of the program:
1) Property was the primary residence of the owner
2) Owner has not previously received these benefit payments
3) Property purchased (or contract to purchase signed) before July 1, 2006
4) Permanent resassignment to a new duty station or home port outside a 50 mile radius of the member's former duty station or home port
5) Reassignment ordered between Februrary 1, 2006 and September 30, 2010
6) Must have a decline of at least a 10% home value loss from the date of purchase to date of sale
Lorraine Santirosa is a San Diego real estate agent that helps members of the Armed Forces permanently reassigned during the mortgage crisis and facing foreclosure. Lorraine can be reached at 619-248-5484 or www.sandiegohousingoffbase.com.