This home in the Cherokee Bend subdivision was just approved for VA Compromise Sale and short sale. 2838 Tamiami Trail, Crestview Florida had two liens, Bank of America and Eglin Federal Credit Union. The Bank of America mortgage was a VA guaranteed loan, and Eglin Federal was a home equity line of credit.
The one tricky part of this short sale, was that Bank of America did not want to issue approval until they had an approval from Eglin Federal. Eglin Federal did not want to issue approval until they had approval from Bank of America. How did I handle this? Since Eglin Federal is a smaller bank, they were more willing to bend. They issued a “preliminary” approval that was enough to make Bank of America happy!
Agents should note that Bank of America does not currently process VA Compromise Sales online in Equator. You have to do it the old fashioned way – fax!
If you are considering short sale or VA Compromise Sale, be sure to hire an experienced Crestview FL short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]