What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?

 bank of America VA Compromise

I just received an approval on a Crestview Florida short sale.  Not just any short sale, but on a VA Compromise Sale.  When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement.  That is called a VA Compromise Sale or Offer in Compromise.  In that case, when working with Bank of America, you won't see the dreaded "Deficiency" approval letter, where they "reserve the right to pursue a deficiency".

 Here is the approval letter for a Bank of America VA Compromise sale:

bank of America VA Compromise

If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent.  In fact, I am thinking of one right now :)

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Short Sales, HAP and Offers in Compromise - Pre Foreclosure Help.

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10 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • March 04 2010 06:55PM

Comments

Wendy, congratulations on yet another Short Sale Approval. You are the Destin Short Sales - Emerald Coast Florida Real Estate Expert!

Posted by Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty - Clay County, Duval County, St. Johns County ) 6 months ago

Wendy,

Thanks for the information.

How long did it take?

Bill

Posted by William J Archambault Jr (The Real Estate Investment Institute ) 6 months ago

Wendy: This is great information for those who are not experienced with this kind of transaction. Clearly you are the Destin (and surrounds) expert on this and many other matters.

Posted by Melissa Zavala Realtor® North San Diego County Homes (Broadpoint Properties) 6 months ago

Nice work Wendy!

Posted by Jared Hokanson - Realtor® Southern Oregon (RE/MAX PLATINUM) 6 months ago

Nice job Wendy.  Interesting.  Short and sweet, it's the way I like to see them!

Posted by Gabe Sanders, Stuart Florida Real Estate (Premier Realty Group) 6 months ago

Go Wendy...I see they're giving a closing date of 4/28, do they alway give so much time?

Posted by Laura Giannotta Your Realtor Down the Shore! (Keller Williams Realty Atlantic Shore ) 6 months ago

Hi Bill- The VA Compromise approval took about four months.  The VA delegates the process to whichever lender is servicing the loan.  So it really gets thrust into the Loss Mitigation/Short Sale department.  It could take a few to six months...

Laura - I think they are increasing time to close due to worries over new HUD

Posted by Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) 6 months ago

Congratulations Wendy!  I am in the middle of two short sales now....both with Bank of America.  I am glad to know that someone can get one closed through them.

Posted by Damon Gettier Broker/Owner ABRM, GRI, CDPE (RE/MAX 1st REALTY- Roanoke Virginia Short Sale Expert) 6 months ago

Thank you for the information on a VA loan.  You are a wealth of knowledge.  Do you have a commercial agent to team with as that segment enters into the next phase?  With your knowledge and contacts, how will take advanatge of the commercial wave?

Posted by Joe Sosky (KW Commercial) 6 months ago

Cool, thanks Wendy!  Congratulations on another short sale approval!  You are the Queen!

Posted by Maya Thomas (Sellstate Island Properties) 5 months ago

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