VIRGINIA BEACH, Va. - April 22, 2016 - PRLog -- Miitary Short Sale FAQs for Virginia Beach and Hampton Roads provides a "road map" for the service member considering opting for a short sale and eventual waiver of deficiency for the underwater home. The waiver of deficiency means that the lender/bank will not pursue the owed unpaid balance, sometimes tens of thousands of dollars.
Military members are often PCS (Permanent Change of Station) transferred and unable to sell their home or condo prior to departure. This can be because the home value declined and there is not enough equity to cover expenses of selling the home plus closing and real estate fees, or a second mortgage/home equity loan exists on the property compounding the value problem. Also, many military members are required to be within certain time limits of their duty station which can result in a short sale. Other factors besides PCS may also be considered by your lender.
Typical loan products for which a successful waiver of deficiency has been approved include (but are not limited to) a Veterans Administration (VA) Compromise sale (see video at end), FHA, VHDA, or conventional loans. All major banks and credit unions have participated with this process to help the military member and family.
Within the Military Short Sale FAQs for Virginia Beach and Hampton Roads is a paragraph regarding credit implications when considering a short sale. Often the credit "hit" may NOT outweigh the advantage of ridding the service member of the large debt plus the peace of mind of not worrying about property management from a remote location. Often, the service member leaves the family behind to take care of the existing underwater house causing stress as affordability at the new duty station is an issue. The short sale process can eliminate this worry. Consult with our Attorney regarding credit implications.
The REALTOR(R)/Attorney team of Dennis Blackmore (Agent) and Real Estate Legal Services (Charles Pittman, Jr.) continues to complete these Military Short Sales with success and eventual peace of mind for the service member. Many success stores are listed on the testimonial page.
Visit the Military Short Sale FAQs for Virginia Beach and Hampton Roads.
See the videos for additional information and contact the REALTOR(R)/Attorney team for help:
https://youtu.be/bK3d2vgTkDs
https://youtu.be/uDXErsOy4z8
Contact
Dennis Blackmore, REALTOR(R)/Agent Owner
Creed Realty, Va Beach, VA 23452
7573434949
***@757re.com
Photos: (Click photo to enlarge)
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