This Navarre Florida VA Compromise Sale was just listed in the Hadleigh Hills townhouse subdivision.  Hadleigh Hills # 2132 is a short commute to Hurlburt Field and Eglin Air Force Base. The lovely, white sand beaches of the Gulf of Mexico are also nearby.  This townhome has two bedrooms and three full baths, plus an expanded living room.  The kitchen is fabulous! It has maple cabinetes, stainless steel appliances and a  breakfast bar. It is open to the living room.  The foyer is quite dramatic, with a ceiling up to the second floor.  This Navarre Florida townhouse is an end-unit, for added privacy, and has a one-car garage. The VA Compromise Sale will be processed by Chase mortgage.

View the virtual tour of 2132 Hadleigh Hills.

2132 Hadleigh Hills Ct., Navarre FL 32566 was just listed for $134,900.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick 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. 

The post Just Listed Hadleigh Hills VA Compromise Sale – Navarre Florida 32566 first appeared on Rulnick Realty.

This home in The Meadows, in Navarre Florida was just approved as a VA Compromise Sale.  The gorgeous 2008 property with in-ground pool and three car garage, went under contract in about 30 days.  We prepared the VA short sale package for Citi Mortgage, faxed it, followed up and received approval for our seller in 24 days!

What is normally included in a simple VA Compromise Sale package?
Hardship Letter
Dodd-Frank Certification
Two years tax returns
Financial worksheet
Proof of Income
Bank Statements
Preliminary Settlement Statement
Listing Agreement
Buyer Proof of Funds
Contract (purchase and sale agreement)
Authorization to speak with listing broker

What are the benefits of a VA Compromise Sale?
The borrower will not have to pay back the shortfall (if there was no fraud, misrepresentation or bad faith when the loan was obtained)
There is currently a $1500 relocation bonus paid to the VA borrower at closing

What are the negatives of a VA Compromise Sale?
You cannot obtain another VA mortgage loan unless you pay back the government loss
Your credit will be reported as “Paid in full for less than the full balance”
You may owe federal taxes depending on current tax law and your total financial picture

One of the key differences between VA Compromise Sale program and traditional short sales is that you must have a hardship. Nowadays, so-called “strategic” short sales are more common, where the borrower no longer wants the property, has no financial hardship, so participates in the loss by contributing cash or agrees to a promissory note to obtain a short sale. This is not the case with a VA mortgage. You must be at risk of default, and not have your own cash available to contribute.

More questions about VA Compromise Sale?  Email me at itswendy@rulnickrealty.com

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

The post Citi – VA Compromise Sale Approved in The Meadows – Navarre FL first appeared on Rulnick Realty.

Lovely, private brick home at 2022 Eagle Lane, Navarre FL.  This VA Compromise Sale home in Holley by the Sea has a huge fenced yard at end of cul-de-sac. The inside is open and airy with vaulted ceilings and lots of tile floors. The kitchen is loaded with counterspace and cabinets, and has pass-through to dining room. Lovely master suite features trey ceiling, double French doors, walk-in closet, berber carpeting, garden tub with glass block window. The master opens to a covered patio with brick columns. Back yard is enormous with a nature area adjacent, orange and grapefruit trees, and tons of room to play!   Holley by the Sea has plenty of amenities, including access to the Santa Rosa Sound, a recreation center with gym, three pools, eight  tennis courts, basketball The new owner of this short sale home at 2022 Eagle Lane will be able to take classes, join the fishing club, picnic, camp and play in Holley by the Sea.

2022 Eagle Lane, Holley by the Sea, Navarre FL – offered for $187,500

Should you sell your home as a Navarre Florida VA Compromise Sale?

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Navarre Florida Short Sales & Pre Foreclosure Help.

The post 2022 Eagle Ln, Holley by the Sea, Navarre FL – VA Compromise Sale first appeared on Rulnick Realty.

One of the key differences between a typical short sale and VA Compromise Sale is the disposition of the deficiency.  According to the VA website, “ 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.” So, in most cases, you will not have to pay back the difference between the net proceeds and your outstanding balance.

Another difference in the VA Compromise program is the length of time the VA appraisal stands. With most short sales, the servicing lender will order a valuation (either an appraisal or broker price opinion), that will be valid for two to three months. In the VA Compromise program, the valuation, conducted by a VA certified appraiser, is valid for six months.  That is not always good, especially in a declining market.  So if a sales contract does not get approved, the targeted price will have to stand, and not be adjusted even if competing properties are priced lower.

This home in Lighthouse Pointe had a Bank of America mortgage.  VA delegates the loan servicers to handle the compromise claims for them, so there is no need for the homeowner to contact the VA directly.  This approval only took 30 days!

If you need to sell your Navarre Florida home as a short sale, HAP or VA Compromise Sale, contact an experienced Navarre short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call (850) 650-7883

The post Lighthouse Pointe, Navarre FL – Approved VA Compromise Sale first appeared on Rulnick Realty.

A “homey” Lighthouse Pointe short sale home in Navarre Florida with brick fireplace, wood laminate floors, interesting angles, plant ledges and high ceilings.  Kitchen and dining areas are tiled along with both bathrooms in 2007. Kitchen counters expanded with added cabinetry and workstation. Other improvements are new carpet, well and sprinkler.  This Lighthouse Pointe short sale home in Navarre FL has a huge lot at end of cul-de-sac with fenced back yard. Excellent location for commuting to Hurlburt Field. Gulf of Mexico, Santa Rosa Sound and East Bay nearby for fishing, boating, sunning and swimming.

6542 Watermark Cove, Lighthouse Pointe, Navarre FL – 32566 – VA Compromise Sale – offered for $109,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Navarre FL Real Estate

Navarre Short Sales & Pre Foreclosure Help.

The post 6542 Watermark Cv, Lighthouse Pointe, Navarre FL – VA Compromise Sale first appeared on Rulnick Realty.

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.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 1-877-487-9639) or l850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Navarre FL Real Estate

Navarre Short Sales & Pre Foreclosure Help.

The post Holley by the Sea, Navarre FL – VA Compromise Sale Approved first appeared on Rulnick Realty.

If you are a borrower with a VA home loan in Crestview, Navarre, Fort Walton Beach, Florida and surrounding towns, and are having trouble paying your mortgage, there is good news for you. The Veterans Administration recently announced a change to the VA Compromise Sale program.

What is a VA Compromise Sale?  Similar to a short sale, a VA Compromise Sale (also called VA Compromise Claim or Offer) is used when a VA borrower can no longer afford to make mortgage payments, must sell, and the mortgage balance is more than the what the property is worth.  If you qualify, you may sell your home at fair market value.  You will not be obligated to pay back the shortfall to your lender if got your loan after December 31, 1989.  (To use your full VA entitlement in the future to buy another home, you would have to pay the VA back its portion of the claim).

What is the new Veterans Administration announcement?  After you are approved for a VA Compromise Short Sale, you will now receive $1500 in relocation assistance at closing.  The Veterans Administration noted in its announcement that it wanted to be proactive in helping Veterans and competitive with the Home Affordable Modication Program.  They also noted that VA Compromise Sales leave homes in better condition than foreclosure, which is a cost-benefit to the loan servicer.

This new VA relocation assistance program ends on January 1, 2014.

If you are a VA borrower in Crestview, Navarre or Fort Walton Beach, Florida, and are trying to avoid foreclosure due to hardship, contact an experienced VA Compromise agent to help you.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 1-877-487-9639) or 850-650-7883 ext 204 to list your home.

Email Wendy: itswendy@rulnickrealty.com

Crestview, Navarre Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview, Navarre Real Estate Blog

The post Crestview and Navarre Florida VA Compromise Sale – New Relocation Assistance first appeared on Rulnick Realty.

PSCing to a new base?

When you are in this situation, you have six choices:

1.  HAP

2.  Short Sale

3.  VA Compromise Sale

4.  Rent Out Your Property

5.  Pay the difference owed out of your own pocket

6.  Foreclosure

If your loan was guaranteed by the Veterans Administration (VA), and the other options won’t work (obviously you don’t want a foreclosure), you can do what is called a VA Compromise Sale. This program is similar to a short sale, but the VA guarantees the payment of a portion of your mortgage to your lender.  The lender will handle the processing of your VA Compromise Sale and will use a VA appraiser to ascertain value of your property after they receive a contract.  If you meet certain criteria, and your net proceeds are at least 88.13% of the appraised value, your sale may be approved.

The most frequent question I get about VA Compromise Sales is: “Will the VA come after me for the balance?”

The answer is “NO” unless there was “fraud, misrepresentation, or bad faith”. 

Here is a quote from VA Home Loan Program:

“The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. 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.”

The other good news about a VA Compromise Sale (also called Offer In Compromise, Comprise Offer) is that you CAN USE YOUR VA LOAN AGAIN!  The caveat is that you must pay back what you owe the VA.  Crazy?  Not really.  Markets change, loan programs change and interest rates change.  A VA mortgage may be the best option for you again in the future.  At that time, you will have rebuilt your financial strength and may be able to pay back your entitlement.  I’ve had veterans do it!

If you need to do a VA Compromise Sale in Crestview, Navarre, Fort Walton Beach or Destin, Florida, give me a call.  I can help.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

HAP, Short Sales & Pre Foreclosure Help.

The post Crestview and Navarre Florida VA Compromise Sales: Will VA Pursue You for Deficiency? first appeared on Rulnick Realty.