Are you an Eglin AFB service member who has PCS orders, and your current home is upside down in its mortgage value? If so, and you have a VA mortgage loan, you could be eligible for a $1500 relocation credit from the Veterans Administration after selling with a VA Compromise Sale. What exactly is a VA Compromise Sale? It’s a type of short sale for VA backed loans. A short sale is a real estate transaction where the sale price of a property does not generate enough proceeds to pay off the mortgage debt. For example, let’s say you bought your Crestview home in 2009 and took out a $180,000 loan. Today, however, your home is worth only $140,000. You find out you have PCS orders from Eglin AFB and don’t want to rent out the property and become a landlord, but you cannot afford to continue the mortgage payments after you move. In this case, there would not be enough proceeds to pay off your mortgage – it would be “short”. If the lender accepts “less” than the full amount and releases its lien from the property, that is considered a short sale. A VA Compromise Sale is specifically geared toward VA mortgages.
One of the benefits of a VA Compromise Sale is that you can get a $1500 relocation credit if you occupied your home at the time of sale. Here is the Veterans Administration circular and extension of the credit through January 1, 2016. If you have questions or need to sell as a VA Compromise Sale or short sale, give me a call!
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine” for her assistance to short sale sellers and is co-founder of Short Sale Superstars. She sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.