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Don’t Allow Your VA Loan To Go Into Foreclosure

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Are you contemplating a short sale with a VA-backed loan? If so, then you will want to keep watching because today I am going to discuss this. A VA loan is a government backed loan and of course the government hardly ever calls anything what everyone else does so a VA short sale is actually called a VA compromise sale.

VA compromise sales have been around for quite some time. If you are in a poor situation with a VA loan on a property, a compromise sale allows you to sell the property for less than what is owed, avoid having the property foreclosed on and they also have a relocation incentive of $1500 available to the homeowner. The biggest kicker is that if you complete a VA compromise sale you have the ability to re-establish your VA eligibility and get another VA loan later on in life. There are certain things you need to do to make this happen however it is completely possible. My understanding is that after a foreclosure on a VA loan it is nearly impossible for you to ever regain your VA eligibility and get another VA-backed loan. What I want to impress upon you is that if you have a VA loan and you’re running into problems with paying your mortgage one of the worst things you can do is let it go to foreclosure or do nothing.

The best thing to do if you can’t keep up with the payments and not keep the property, pick up the phone and give us a call or fill out the short sale request form on our website. We are very experienced in these types of loans so don’t jeopardize your VA eligibility and contact us to complete a short sale on your VA-backed home today.

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