If you are a borrower with a VA home loan in Crestview, Navarre, Fort Walton Beach, Florida and surrounding towns, and are having trouble paying your mortgage, there is good news for you. The Veterans Administration recently announced a change to the VA Compromise Sale program.
What is a VA Compromise Sale? Similar to a short sale, a VA Compromise Sale (also called VA Compromise Claim or Offer) is used when a VA borrower can no longer afford to make mortgage payments, must sell, and the mortgage balance is more than the what the property is worth. If you qualify, you may sell your home at fair market value. You will not be obligated to pay back the shortfall to your lender if got your loan after December 31, 1989. (To use your full VA entitlement in the future to buy another home, you would have to pay the VA back its portion of the claim).
What is the new Veterans Administration announcement? After you are approved for a VA Compromise Short Sale, you will now receive $1500 in relocation assistance at closing. The Veterans Administration noted in its announcement that it wanted to be proactive in helping Veterans and competitive with the Home Affordable Modication Program. They also noted that VA Compromise Sales leave homes in better condition than foreclosure, which is a cost-benefit to the loan servicer.
This new VA relocation assistance program ends on January 1, 2014.
If you are a VA borrower in Crestview, Navarre or Fort Walton Beach, Florida, and are trying to avoid foreclosure due to hardship, contact an experienced VA Compromise agent to help you.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 1-877-487-9639) or 850-650-7883 ext 204 to list your home.
Email Wendy: [email protected]