This Antioch Estates home in Crestview Florida was just approved for VA Compromise Sale. It was an unusually swift approval for a short sale! Here are the details:
Mortgage Holder: BB&T
Original Balance: $205,000 appr
Current Market Value: $150,000 appr
Short Sale Deficiency: none
Time for Approval: 33 days
Reason for sale: Eglin AFB military PCS (permanent change of station)
Did you know that VA Compromise Sales don’t normally have deficiency judgments? They will, however, exclude any unpaid entitlement from your future VA entitlement until you choose to pay it back. Here is the information from the VA Home Loan Program:
“The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part.”
If you are contemplating VA Compromise Sale because you have a required PCS move from Eglin AFB, Hurlburt Field, or Duke Field, contact me to find out how this program can work for you – [email protected]
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.