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Compromise Sale
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A compromise sale or short sale is always more advisable than a foreclosure. In instances where a military person has a fannie mae or freddie mac loan their chances of getting a short sale sound more possible if they have a hardship. Documentation still has to be done to prove their case but VA tries to save the loan whenever possible.
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What can we as realtors do? Help the seller assemble the compromise sale package to include-- 1. Purchase offer with a contingency stating subject to VA approval & home listed at current market value. 2. Good faith estimate of closing costs 3. Financial statement w/ supporting documentation. 4.Hardship letter 5. Compromise Sale Agreement (available from the lender) 6. Payoff statement from lender