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VA COMPROMISE SALE PROGRAM | HAP: HOUSING ASSISTANCE PROGRAM | SHORT SALES | HAMP
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If you're in the Armed Forces and have PCS orders or you're a civilian who has had to move out of the area due to involuntary
employment relocation, loss of job, or unexpected major medical suffering, or if you're
a civilian who has unsuccessfully tried to use the Home Affordable Mortgage
Program, then here's some information to help you!
The question I am asked the most is how will selling my home for less affect my
credit scores, and will my lender allow me to sell for less than what I owe and not come after me for the difference? The answer to these questions vary greatly
depending on the type of mortgage you currently have and whether you are a
civilian or in the Armed Forces. Typically, most sellers fit into one of
the four categories listed below so click on the corresponding links for
additional information.
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HAP Program
ACTIVE DUTY SERVICE MEMBERS OR FEDERAL EMPLOYEES WHO RECEIVED PCS ORDERS, OR RECEIVED DEBILITATING WOUNDS FROM ACTIVE COMBAT, AND PURCHASED THEIR HOME BEFORE
JULY 1, 2006. THOSE AFFECTED BY BASE CLOSURE OR RE-ALIGNMENT (BRAC) MUST HAVE PURCHASED THEIR HOME PRIOR TO MAY 13, 2005. IF
THESE RULES DO NOT APPLY TO YOU,
CLICK "VA COMPROMISE SALE PROGRAM."
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VA Compromise Sale Program
ACTIVE DUTY SERVICE MEMBERS WHO CURRENTLY HAVE A VA LOAN AND RECEIVED ANY OF THE FOLLOWING: PCS ORDERS, DEATH OF PRINCIPLE WAGE EARNER, MAJOR MEDICAL EXPENSES AND NEED TO MOVE TO BE CLOSER TO FAMILY.
VETERANS WHO CHOOSE NOT TO RE-ENLIST ARE NOT ELIGIBLE AND MUST SELL AS A STANDARD SHORT SALE.
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Standard Short Sale
HOME OWNERS WHO NEED TO SELL THEIR HOME DUE TO INVOLUNTARY LOSS OF JOB, UNEXPECTED MAJOR MEDICAL EXPENSES, DIVORCE, OR DEATH OF PRINCIPLE WAGE EARNER.
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Loan Mod or HAFA Short Sale
HOME OWNERS WHO NEED TO SELL THEIR HOME DUE TO CHANGE OF EMPLOYMENT, LOSS OF INCOME, RELOCATION, DIVORCE, OR DEATH OF PRINCIPLE WAGE EARNER.
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