1137 Bay Court, Bayview Manor, Destin Florida, was just approved as a VA Compromise Sale. The VA Compromise Sale program is helpful for homeowners who have a VA mortgage, and fall into financial hardship. Like a short sale, it allows the borrower to sell their property when the market value is less than the remaining loan balance. Here are the details of this Destin Florida VA Compromise Sale:
Mortgage holder: Bank of America
Original VA Mortgage: $262,000 appr
Current Market Value: $238,000 appr
Time for Approval: 80 days
Short Sale Deficiency: none
Bank of America’s processing of VA Compromise Sales can take longer than other short sales. Why? They have fewer “negotiators” who can handle these type of files. VA short sales are not processed through Equator, which Bank of America uses for non-government short sales. Many Eglin Air Force Base or Hurlburt Field service members have VA home loans. When faced with a required PCS (permanent change of station), in a down real estate market, they can use the VA Compromise Program to avoid foreclosure. Other options are the military’s HAP (Homeowner Assistance Program), traditional short sale, renting out the property, or bringing cash to cover the deficiency.
Do you have questions or need help with a potential VA Compromise Sale in Destin Florida or the surrounding towns of Crestview, Niceville, Navarre or Fort Walton Beach? Email me at [email protected]