Military Short Sale Assistance Program Virginia Beach
Military members facing a permanent change of station orders or other hardships may want to consider the
Military Short Sale Assistance Program
and eliminate the pursuit of deficiency (the balance owed after all fees paid).
Simply stated: It is the difference between what the military member owes on the mortgage and the short sale amount then becomes/is the deficiency
I have written several articles that discuss the options for the military member who is underwater and needs to sell their home but owes a great deal of money on the note.
Below is a summary of important articles that may be of benefit to service members:
1. How to get a military short sale deficiency waiver.
Over the past year all military short sales we have processed have had the deficiency waived. The only exception may be with a credit union who may want to squeeze some sort of settlement/payback on a portion of the deficiency. This is where the negotiation between our Attorney and your lender is important. Our Attorney has completed hundreds of short sales and has relationships with almost all lenders this helps you.
2 Why Military Members Should Short Sale.
The decision for military personnel pcsingto short sale their home is a huge personal issue and should be discussed with a REALTOR(R) and a Real Estate Attorney. The REALTOR(R)/Attorney team is an important part in the process. These short sale opportunities for military families toget well are probably once in a lifetime.
Most military homeowners have pcsed and rented out their residence sucking up the deficit in rent versus the mortgage payment. Renting out their home has in most cases prevented the military member from both refinancing because of being underwater or buying a new home in the new PCS location and taking advantage of lower interest rates and settling their families.
3. Read the Military Short Sale Assistance Program FAQs here a detailed document to explain more about the process.
Recent success stories: Wells Fargo (easiest lender to deal with), 360 Mortgage, Bank of America, PNC, 5th Third, Sun Trust, Greentree, and more. While our use of an Attorney is mandatory , make sure your agent has experience with short sales (especially VA Compromise Short Sales). The attorney and agent working together greatly improves the process.
Summary: The Military Short Sale Assistance Program may be an viable alternative for many Armed Forces Personnelstart early as it takes time.
(Note: When working with Dennis Blackmore, REALTOR(R)/Agent Owner Creed Realty the bank pays all real estate military short sale commissions and closing costs.)
