Junior Lien: Florida SHIP Loan

Florida SHIP (State Housing Initiatives Partnerships) is a downpayment assistance program that is managed separately by each county in Florida.  Okaloosa County SHIP  forgave the entire balance of their $12,500 junior lien.  We accomplished the debt forgiveness by sending a hardship letter to the SHIP director for Okaloosa County.  Because the seller was a forced military relocation who PCSd from Eglin Air Force Base, they forgave the debt in full.  Don’t count on total forgiveness in other counties in Florida. Each request for a short sale is individually reviewed. 

Chase approved the VA Compromise Sale in one day.  They already had the seller’s financials and a VA Compromise Appraisal on file (good for six months).  The last buyer refused to increase her offer to meet the required net based on the appraisal.  The Chase negotiator said he would keep the file on his desk for me for thirty days – in case we got lucky with another buyer.

Guess what?  We got lucky!

If you need assistance with a VA Compromise Sale, Short Sale, SHIP loan or HAP PCS sale on the Emerald Coast of Florida, contact me.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Eglin AFB Short Sales & Pre Foreclosure Help.

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Artsy decor and lively colors set the tone in this Crestview Florida short sale home at 521 Risen Star in Steeple Chase. Features include much tile and wood laminate flooring, stainless appliances in kitchen, tiled backsplash. Open floor plan with great room. Screened porch overlooking lush koi pond, above ground pool, fire pit for magical evenings. This Steeplechase home has upgraded bathroom vanities, his and hers master baths, upgraded light fixtures. Sitting room can be used as fifth bedroom.  This Crestview Florida home is a south of I-10 for easy commute to Eglin Air Force Base, and Destin Beaches and shopping.  It is a short sale.

Offered at $197,900.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Crestview Florida Real Estate Blog

The post 521 Risen Star, Steeplechase, Crestview, Florida – Short Sale Home first appeared on Rulnick Realty.

I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

You were the best thing that could’ve happened in my life at the time, and I am very grateful for your professionalism and dedication to my situation. I don’t believe this process could have happened more smoothly had it been any other agent handling my short sale. I will most definitely recommend you to any/everyone, and call on you again anytime I may need your assistance.

You are appreciated more than know.

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Real Estate Blog

The post Crestview Florida VA Compromise Short Sale Seller- Puts “Ooomph” In My Day first appeared on Rulnick Realty.

I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

The post Crestview Florida VA Compromise Short Sale Seller- Puts "Ooomph" In My Day first appeared on Rulnick Realty.

Two questions always come up when I help with VA Compromise Sales:

1.     How will a VA Compromise Sale affect my credit?

To get a direct answer, I called the Veterans Affairs Regional Office in St. Petersburg (telephone 1-888-611-5916), which covers the state of Florida.  They told me VA Compromise sale is reflected as “settled for less” on credit reports.  “Settled for less” is a common reporting for short sales, as well.  The exact number of points that your credit will be affected depends on your complete credit picture.    Remember, if you missed payments, that will also show up on your credit report.

2.    Will I be able to get a VA loan again if I do a Compromise Sale?

Yes, if you pay back the entitlement that was not paid back to the VA at the sale. Specifically, the Veterans Administration says: Should VA agree to pay the difference between the sales proceeds and the total debt to complete the compromise sale process, the portion of the homeowner’s entitlement used to guaranty this loan will remain tied up until VA is reimbursed in full.

In fact, I am working with a Veteran now who re-paid his entitlement after a compromise sale, in order to get a VA loan again, because the rate and terms were more favorable.  But remember, there are other types of mortgages that will be available to you, if you are unable to seek another VA loan.

If you are a service member or Veteran near Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, and think you might need to do a VA Compromise Sale, short sale or use the HAP program, call me at 850-650-7883.  I can help. 

It’s Wendy!

Wendy Rulnick, Broker Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

itswendy@rulnickrealty.com

Read  Wendy’s Real Estate Blog

The post How Will a VA Compromise Sale Affect My Credit? first appeared on Rulnick Realty.

Offered at $123,000.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Eglin AFB and Hurlburt Field Real Estate

Emerald Coast Short Sales & Pre Foreclosure Help.

Read Wendy’s Short Sale Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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The post 310 Evergreen, Hurlburt Field, Mary Esther FL- Short Sale first appeared on Rulnick Realty.

HAP, where are you?

HAP is the Homeowner Assistance Program for U.S. military members “who face financial loss” when selling their homes in order to PCS, or “permanent change of station” to a new base.  In other words, if you are an airman stationed at Eglin Air Force Base, Hurlburt Field or any other base and you have “orders” to move and your mortgage amount is more than the current value of your home- HAP is supposed to help you.  HAP was meant to help cover a significant portion of your losses so you can dispose of your real estate to PCS, even if you are upside-down in  your mortgage, without facing foreclosure.

But what is HAP doing?  I am sorry to say- NOTHING!  Thousands of servicemen have applied for help and many have already relocated – with no financial assistance. I have written a series of posts with information every time I get updates about the HAP program.  Each time I write a new blog, HAP changes its story and so far has done NOTHING to help upside-down Eglin AFB and Hurlburt Field airmen who are forced to relocate to new bases.  On a previous blog I posted a link to the Department of Defense Directive that detailed the new HAP policy for PCS moves.  When I checked the blog links about a week later- I found the information had been REMOVED from the HAP site.   Further, the HAP site used to have an expanded FAQ (Frequently Asked Questions) section that answered many questions about the new PCS help.  Those questions have been since REMOVED.  But not before I quoted them in another post.

Our military members are good citizens and purchased homes when they moved to Eglin AFB or Hurlburt Field.  Now, forced to PCS, they are faced with a choice:

1. Rent out their property, for an amount insufficient to cover their mortgage payment, due to declining rentals.  Most military do not have enough to cover the shortfall.

2. Let the property go to foreclosure.

3. Do a short sale.

4. Bring money to closing to cover the loss- highly unlikely since most Fort Walton Beach, Crestview and Navarre Florida homes purchased in the last few years are $100,000 or more upside-down.

5. Wait for HAP while doing any of the above.

When HAP finally puts an assistance policy in place, these servicemen may get reimbursed part of the loss on their upside-down mortgages.  But my question is-  what good is a reimbursement after a lender has foreclosed or a short sale has been completed?  By the time HAP starts working, it would be too late.  There will already be a hit on the airmen’s credit.  HAP representatives have suggested to me that the affected homeowner “borrow” an amount sufficient to cover the loss in a short sale, then wait for HAP funds.  My question – “HOW can an airman who earns $50,000 borrow a $100,000 note to “cover” an upside-down mortgage?”  He cannot.

HAP, you’ve got to help…  NOW.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Emerald Coast FL Real Estate

Emerald Coast Short Sales & Pre Foreclosure Help.

Read Emerald Coast Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner Rulnick Realty, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.

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The post HAP – No HELP for Eglin AFB and Hurlburt Field PCS first appeared on Rulnick Realty.

Due to the draw-down of the 33^rd Fighter Wing at the Eglin AFB complex, approximately 2000 airmen are being relocated from the Emerald Coast of Florida to other air force bases around the country and world.  In addition about 1000 personnel from Hurlburt Field are moving to Canon AFB in Clovis, New Mexico.  Unfortunately, airmen in the Fort Walton Beach, Crestview, Navarre, Niceville and Destin areas of Florida are facing the same predicament as most Americans.  Many have mortgage balances that are more than the market value of their homes.  Thus, when faced with a forced military move, and such choices as to lease out their homes with insufficent rent to cover the mortgage, or foreclosure, the preferred strategy is to conduct a short sale. A short sale occurs when the seller’s mortgage holder accepts fair market value at sale of the property, and, in the best case scenario, forgives the rest of the mortgage debt.

The good news for Eglin and Hurlburt Field military personnel is that further financial help may be available through the Homeowners Assistance Program (HAP).   HAP is a long-established Department of Defense program that is managed by the US Army Corps or Engineers. HAP was initially used only to assist in Base Realignment and Closure (BRAC) moves, but the new economic stimulus plan has expanded the program to include Permanent Change of Stations (PCS) moves.

What HAP offers in terms of relief is the following:

The Government may-

1. Reimburse you for part of your loss from selling your home

2. Assist you, if you don’t receive enough proceeds from the sale of your home to

pay off your mortgage

3. Buy your home by paying off the mortgage

4. Help you, if you default on your mortgage

Further, HAP states you should continue try to sell your home on the open market.  According to the program, you may be paid up to 95% of the difference of the Fair Market Value prior to the BRAC or PCS announcement affecting you, and the appraised value at time of sale, with potential for some closing cost reimbursement.  HAP will not reimburse for the total loss.  At the time of this writing, I have three Hurlburt Field and Eglin AFB home sellers who have applied for HAP simultaneously while attempting a short sale.  How the government will interact with short sale lenders is to be determined.

Local Eglin AFB commanders are still trying to get formal interpretation of the program as it applies to Emerald Coast airmen.  One of the controversial limits of the program expansion in the new American Recovery and Stimulous Act is that it applies only to homes purchased prior to July 2006. This limiting date does not correspond to the still-inflated real estate market in the ensuing months, in which many military members continued to purchase homes as outlined by Air Force Major Jason Trew’s Letter to Congress.

While the language in the current bill is still being interpreted by Air Force authorities, you might be eligible to receive benefits under the new legislation.  If you are in a short sale situation, stationed at Eglin AFB, Hurlburt Field or Duke Field, you should see your commander or first sergeant and make your Application for Homeowner Assistance.  As always, consult an experienced real estate agent who specializes in short sales to help you through the process.

It’s Wendy!

The post Eglin AFB and Hurlburt Field: HAP for Military PCS Short Sales first appeared on Rulnick Realty.

I am privileged to represent Major Jason M. Trew, a pilot with the United States Air Force, as a real estate client.  Major Trew is stationed at Eglin Air Force Base.  I have Major Trew’s home listed for sale in Freeport Florida, because he is being required to relocate by the Air Force to a new base.  Like many others in the military, his property value has declined to an amount lower than his mortgage balance. Major Trew is not a property flipper nor a speculator.  He earnestly relocated to the Emerald Coast of Florida for the military, as directed by the United States government, and invested in a home for his family in March 2007.   I am printing his letter to Congress, with his permission, of grave concern regarding the new American Recovery and Reinvestment Act of 2009, and its affect on our military by establishing an arbitrary cut-off date for aid to military members who purchased homes with values now below mortgage balances:

The Honorable Dave Obey

Chairman, Committee on Appropriations

Room H-218, The Capitol

Washington, D.C. 20515

Dear Mr. Chairman,

Section 1001 of the ‘‘American Recovery and Reinvestment Act of 2009” includes a provision extending temporary homeowner assistance for members of the armed forces permanently reassigned during this mortgage crisis.  However, I strongly disagree with the stipulation that the property must have been purchased before July 1, 2006.

When the Military Officers Association of America asked the Appropriations Committee staff for the rationale for that cutoff date, the committee indicated the sense that the home market decline was underway at that point, and the intent was to protect people who purchased homes before they had any warning to expect a decline.

Contrary to this assumption, the fact that home prices had decreased was an incentive to purchase a home.  In fact, the National Association of Realtors launched a $40 million campaign in fall 2006 to encourage home purchases.  Within the Florida real estate market, a survey released just after the July 1, 2006 cutoff date found that:

-Only 16% of homeowners listed a “fear of a price bubble”

-Only 5% said they were concerned about falling home values overall

-58% were optimistic that home values in their own community would continue to increase

In January 2007, a Florida Association of Realtors (FAR) report that indicated “the market correction has plateaued and the local real estate industry is likely on the rebound.”  That same month, the FAR president stated that, “now is the time to take advantage of homeownership opportunities.”

After reading articles like these, we purchased a home in March 2007 because we assessed that the market’s decline was near the end and we did not expect a further decrease.  Obviously, we purchased at a bad time in the real estate market, just as those who purchased before July 1, 2006.

Starting last summer, we attempted to sell our home for a loss that we could personally absorb.  In seven months, no one inquired about the house and a recent comparative market analysis estimated the value at $70,000 less than our mortgage balance and $120,000 less than the appraised value at the time of purchase.  We are now pursuing a short sale and deed-in-lieu-of-foreclosure.  Either option will significantly impact our credit for many years.

As an active duty member of the U.S. Armed Forces, the current wording of the ARRA provides us no relief as we prepare to move to our new assignment.  Many other military families are in the same situation.

The 1 July 2006 date was a faulty decision that sacrificed effectiveness for the sake of simplicity and I request that you to introduce legislation that corrects this costly mistake.

Respectfully,

Jason M. Trew

4 Attachments:

1.  New York Times article, “Realtors Say the Stars Are Aligned for Housing” (6 November 2006)

2.  Orlando Sentinel article, “Poll: Homeowners fear storms, not lower values” (8 July 2006)

3.  Bradenton Herald article, “Realtors predicting home sale uptick” (26 January 2007)

4.  PR Newswire article, “Florida’s Existing Housing Market: Median Price Up, Sales Down in 2006” (25 January 2007)

cc:

Senator Bill Nelson (D- FL)

Senator Mel Martinez (R- FL)

Representative Jeff Miller (R – 01)

__________________________________________________________________________________________________

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