New program for Military member and Short sales.
Are you in the Armed forces and have PCS orders over 50 miles from your current residences ? Is your local market in the dumps and everything around it short sales, distress, bank owned and bargain ? A new program has been announced by President Obama to help up to 3 million service members. The link below will take you to the official press release.
Hampton Roads is full of Military members who are in the middle of this crisis. If you are currently a homeowner and have PCS orders up to 50 miles out of the area PLEASE call me TODAY . I can help get your home sold and save your credit.
Servicemembers Civil Relief Act (SCRA).
If you have a loan with Bank of America, JP Morgan, Citgroup Wells fargo or Ally Financial you may qualify under this new ruling.
The mortgage servicers who signed the settlement have agreed to review their files for violations of the Servicemembers Civil Relief Act (SCRA). They will give monetary relief to those families who saw their homes taken from them in violation of the SCRA, or who did not receive the SCRA interest-rate reduction to which they were entitled. In one way the settlement goes farther than the SCRA: it protects from non-judicial foreclosure all military homeowners who are deployed to a combat zone, even if the mortgage was not obtained before the servicemember entered active duty. If you feel that your rights were violated by one of the mortgage servicers in the settlement you can call the Justice Department at 1-800-896-7743. But you don’t have to call in order to get the help offered by the settlement, and you shouldn’t give information or money to anyone who says they will help you get in on the settlement! If the banks in the settlement owe you money they will try to find you; you don’t need to fill out an application or file a claim.
The settlement also has provisions for military homeowners who get Permanent Change of Station (PCS) orders. The banks will provide short-sale agreements and deficiency waivers to those servicemembers who were forced to sell their home at a loss due to a PCS and were not eligible for the military’s Homeowners Assistance Program (HAP). This will help servicemembers who were underwater on homes they bought between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010.
• Providing Relief for Servicemembers Forced to Sell Their Home at a Loss
Due to a Permanent Change in Station: Under the Department of Defense’s
Homeowners’ Assistance Program (HAP), some servicemembers who are forced to
sell their home at a loss due to a Permanent Change in Station (PCS) may be
compensated for the loss in their home’s value. Under this settlement,
servicers will provide short sale agreements and deficiency waivers to those
servicemembers who were forced to sell their home for less than they owe on
their mortgage due to a PCS, but who are not eligible for HAP. This means
that the benefits of that program will finally be extended to servicemembers
who bought their homes between July 1, 2006 and December 31, 2008, or who
received a PCS after October 1, 2010.
The VA compromise sales has been the way to help the Veteran in the past here is link to help you understand that option. http://www.valoans.com/va_article.cfm?id=103