There is new Short Sale help for Military in Fredericksburg, VA. Having been a spouse of a former Marine Corps officer, I know it can be difficult when those PCS orders come. Add the decline in the housing market in many parts of the country and you have even more stress to deal with when you are a homeowner.
Members of our Military may qualify for the HAP program, a regular short sale, FHA short sale, or even HAFA. Now if your mortgage loan is a Fannie or Freddie loan, you will be able to do a short sale even if you are CURRENT on your mortgage. You are automatically eligible. Fannie and Freddie may even offer up to $6K to the 2nd lien holder. (if you have 2 mortgages). Another plus is that the bank cannot pursue a deficiency judgment from the homeowner. (Can’t come after the owner for the difference between what the house sells for and the balance on the mortgage). There is no reason for homeowners’ credit to suffer by missing payments. You don’t have to default on your mortgage. Many banks have told homeowners they cannot qualify for a short sale without missing payments. Missing your mortgage payments will decrease your credit score.
This new plan goes into effect November 1, 2012.
Contact me for more FREE information on short sales. Remember….there is short sale help out there for Military and nonmilitary alike!
Ginny Vickers REALTOR SFR ABR 540-842-9819
1st Choice Better Homes and Land, LC
1302 Bragg Rd. Fredericksburg, VA 22407