This VA Compromise short sale was recently approved in Crestview, Florida. If you are a veteran or active duty military stationed at Hurlburt Field, or Eglin Air Force Base, you may very well have a Veterans Association home mortgage loan. If you are unable to make your mortgage payments and your home value is less than your mortgage payoff, there may be assistance available. Reasons for inability to make mortgage payments include: PCS to another duty station, death of a breadwinner, divorce, medical obligations, caretaker expenses, etc. It’s also not uncommon for Eglin AFB service members to rent out their homes after PCS orders. When there are problems with tenants or the property itself, selling the home becomes a priority in order to avoid foreclosure. The solution for upside-down homes (mortgage payoff and selling expenses are greater than sale proceeds), may be VA Compromise Sale.
This property at 769 E. Chestnut Ave., Crestview, FL was challenging to sell. The main issue was a neighboring house with multiple barking dogs that put off many of the potential home buyers. To complicate matters, the loan was also transferred to a new servicer when an offer was received. Originally with Chase Mortgage, the file was transferred to Carrington Mortgage Services. After the offer was submitted, Carrington ordered a VA appraisal. Interestingly, the buyer’s original offer price was raised at the buyer’s lender’s request. The buyer’s loan was also VA, and it was his second VA mortgage– the first was still active. The minimum VA mortgage amount in those cases is $144,001. This exceeded the VA liquidation appraisal value, and the required net proceeds of a minimum 84.05%, per VA guidelines. The short sale was approved.
If you are in a situation with a VA home loan in the Crestview, Fort Walton Beach, Destin, Freeport or Navarre areas, and need to sell, but your mortgage balance is higher than market value, give me a call. We can explore VA Compromise short sale as an option.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Email Wendy: [email protected]
Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.