Military homeowners who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale even if they are current on their
Virginia Beach and Hampton Roads, Virginia (PRWEB) July 05, 2012
The New Government Short Sale Program for Military homeowners has just been announced by the Federal Housing Finance Agency (FHFA)(read news center highlights).
Military homeowners in Virginia Beach and Hampton Roads (and anywhere in the US) now have an excellent opportunity to take advantage of this Government Program which could result in hundreds of thousands of dollars in savings to our men and women serving our country who are transferred PCS (Permanent Change of Station) but unable to sell their current home because of owing more money that it is worth (underwater).
There is now no requirement to show show financial hardship.
Previously (and until Oct 1, 2012) military personnel were able to use the Government's Housing Assistance Program (HAP) to sell their home if they fell into the eligibility dates which are very restrictive and unnecessarily penalize other service members homeowners who may have bought their residence as little as a day later.
The fine print:
1. Must have a Fannie Mae or Freddie Mac loan. To see if you have this type of homeowner loan go to one of these sites: FannieMae or FreddieMac.
2. The service member must have purchased their Virginia Beach or Hampton Roads home or before 30 June 2012.
3. Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012.
4. Virginia Beach and Hampton Roads Military homeowners who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale even if they are current on their mortgage. No more missing a payment to get the lender's attention.
This Government short sale program for Virginia Beach and Hampton Roads military homeowners is superb. No longer will the member have to worry about renting/leasing a property while moving or at a new duty station. A short sale versus foreclosure may also greatly reduce any security clearance issues.
Dennis Blackmore (REALTOR(R)/Owner Agent at Creed Realty Virginia Beach) and Charles Pittman, Attorney at Law have joined forces to help homeowners through the short sale process. Read more about short sales here. Dennis lists the military member's home for sale and aggressively markets and pursues a fair market contract on the home and the Charles Pittman legal team will do all the processing with the lender to represent military member’s interests.
This may be the biggest "no brainer" for military personnel looking to short sale their Virginia Beach or Hampton Roads home and have peace of mind with no debt to worry about.
(Dennis Blackmore is a retired Naval Officer having served 24 years both as enlisted and later a Limited Duty Officer. He is very adept in helping military families with buying, selling, or relocating - and responsive). Contact Dennis to get the Short Sale for Military started.