Maryland Short Sales 301-343-7671

The Department of Veterans Affairs on Monday issued new guidelines for modifying VA-guaranteed home loans.  The Veterans administration has agreed to allow servicers to modify loans according to the Governments HAMP program.

The VA HAMP-style modification authority can be utilized only if the following three requirements are met: 1) borrower does not qualify for traditional home retention loss mitigation, 2) the property is the borrower’s primary residence, and 3) the VA HAMP modification is agreed upon prior to the HAMP expiration date of December 31, 2012.  If you would like to view the actual VA Guidelines click here

If you are struggling with your payments and would like to consider a loan modification, short sale or discuss alternative foreclosure prevention strategies contact me today at 301-343-7671 or drop me an email at jnewman@kwflagship.com.  We are one of Maryland’s HAFA specialists and well versed in all areas of home retention.

Many of our clients Active Duty and therefore are PCS’d quite often.  Unfortunately, if my clients purchased a property in the past several years and now are PCS’ ing to another part of the country they are stuck with a house that they cannot sell, because they owe more than the house is worth.  Well The Department of Veterans Affairs has a Compromise Sales Program that allows these individuals to sell their properties anyway.  Below are several key features to the program:

• There must be a documented hardship on behalf of the homeowner
• Homeowner must list the property and procure a contract of sale
• Sales contract must be contingent on approval of a VA Compromise Sale
• A Compromise Agreement Sale Application must be completed
• Property must be sold at Fair Market Value

For more information on the VA Compromise Sale Program feel free to give me a call at 301-343-7671 and I would be happy to send you the entire package from the VA.