Colorado Springs Vintage Homes Blog
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Archive for January 24th, 2009
8 Things You Must Know About VA Short Sales
VA Short Sales
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Colorado Springs has a high military population with both active duty and retired personnel. Fort Carson Army Base, the Air Force Academy, Peterson AFB & Schriever AFB, Cheyenne Mountain AFS and NORAD. are all located in the Colorado Springs Area.
The area is continuing to see an increase in short sales for GI borrowers when they must relocate during 
their PCS moves (permanent change of station). VA Short Sales are called “Offers in Compromise“, “Compromise Claims” or “Compromise Sales”. The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.
According to the VA web site: “When a homeowner receives an offer based on current market value that is lower than the total amount of the loan payoff, the homeowner can ask VA to approve a compromise sale. VA will review the situation with the mortgage company and if approved, pay the difference between the mortgage balance and the proceeds of sale.
Sometimes the mortgage company can approve the sale on behalf of VA through our Servicer Loss Mitigation Program. In fact, a majority of the mortgage companies now have a Loss Mitigation Department authorized by VA to process VA compromise sales.”
In order to be considered for a Compromise Sale, several factors must be considered as well as there are several steps to complete:
- The property must be sold at market value
- Closing costs Read the rest of this entry »
