GMAC has approved the VA Compromise Sale for this Holley by the Sea home in Navarre Florida.
A VA Compromise Sale is similar to a short sale. If you have a VA mortgage, and need to sell your Navarre, Crestview, Fort Walton Beach or Destin home because you can no longer afford your mortgage payments, you may qualify for a VA Compromise Sale. Your mortgage balance must be higher than the market value or anticipated sales proceeds, and you don’t have the cash difference to bring to closing.
Some of the requirements for a VA Compromise Sale are:
1. You may only sell the home for fair market value. This value will be determined after you submit a contract to your mortgage lender, who is delegated to handle your VA Compromise Sale. The VA appraisal is valid for six months.
2. The closing costs must be “reasonable and customary”.
3. You must have a valid financial hardship such as loss of income, relocation (such as PCS move to a new base), death of breadwinner, etc.
4. There should not be a second mortgage on your property, unless it is “insignificant”. VA may allow a small amount to pay your junior lien, but you might have to make other arrangements.
One of the biggest questions I receive about VA Compromise Sales from Eglin AFB and Hurlburt Field Airmen is:
“Will I be responsible to pay back the deficiency from the sale?”
VA says no – “If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part.”
If you are are an Eglin or Hurlburt service member, or military retiree and need to sell your home as a VA Compromise Sale in Navarre, Fort Walton Beach, Crestview or Destin Florida, contact Wendy Rulnick today.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 1-877-487-9639) or l850-650-7883 ext 204
Email Wendy: [email protected]