email: RealtorLauren@gmail.com
Lauren Nemeschansky
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Compromise Sale Program for Veterans: Short sale programs for Veterans
Short Sale, approval letter, Veteran’s VA loan, Short Sale Realtor
The Compromise Sale program is offered by the Department of Veterans Affairs. The Veterans Administration pays a “compromise claim” for the difference between what the veteran owes on the loan including sales and closing costs and what the house sells for.
A hardship must be documented in a letter by the veteran homeowner.
Situations that are considered hardships are:
- Relocation of veteran, Veteran seller had a decrease in income making it difficult to make the mortgage payments, veteran owner had a major medical expense or expenses, death of a principal wage earner, spouse or family member.
- Any second lien holder must be willing to release that second lien also. This would be negotiated by the Veteran’s short sale Realtor in addition to any negotiations with the VA Administration.
- The loan must have been guaranteed by the VA to be qualified under the compromise program.
- The shortage of the loan must not exceed the Va’s maximum guaranty amount.
- The mortgage holder for the veteran’s loan must be a participant in the compromise program.
The veteran may qualify for a short sale under different short sale programs;
It is important to realize that even if the veteran homeowner does not qualify under the compromise program or the lender is not a participant in that particular program , the veteran home owner can still qualify for a different type of short sale program such as HAFA or traditional.
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