HAPPY NEW YEAR!!!!!!!
This Blog comes in the form of a question. Is there relief in this market for a military member who owes more on their home than what it is currently valued? Is a short sale possible or even advised if they plan on purchasing in the area they are being re-assigned? I do understand that short sales hurt your credit but not nearly as bad as a foreclosure. Here's the scenario:
Joe The Soldier (smile) purchased a home just 2 years ago that appraised for $400k plus which was the purchase amount. Joe received assignment orders to a location in another state. He wants to purchase in the area of his new assignment but has yet to sell his home because the values have drastically dropped over the past year. Joe isn't trying to make a killing, he just wants to break even or pay a minimal amount to get out of this home so he can make the next purchase. His home is on the market and listed at the lowest possible price he can afford to sell but not even a nibble.
Joe talks to G.I. Jane who is assigned in another state but in the same situation as he is currently. She states that she obtained a letter from her realtor requesting she be allowed to do a short sale on her home without the reprocussions of negative credit because of her situation and in accordance with the Servicemembers' Civil Relief Act (SCRA). I, Joe The Soldier's realtor, googled SCRA and searched the JAG website but found nothing relative to his particular situation. May i point out that he is not behind in his mortgage? I plan on putting a call in to the local JAG office to present this scenario and questions I have about this delima.
Any information you may have would be greatly appreciated.
By the way, here's the link to the website i went to: https://www.jagcnet.army.mil/852573F600760E8C/nav?openform&ewb=312012726&est=Servicemembers%27%20Civil%20Relief%20Act&noly=1
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