Q: Here is my situation and question, we have a VA home loan. We are wanting to sell the house, but like everyone else we are upside down. We cannot short sale or we will lose our VA loan benefits forever. We are wondering if it was possible to get a free market analysis of our home in order to see if it was worth putting the house on the market? Please let me know what is available to us and/or our options in this situation, thank you.
A: After HUD/VA approves a short sale and accepts only a portion of the outstanding loan as final payment, the VA will not grant further loan eligibility under its program until or unless the remaining balance of the original loan is repaid.
The good news is, depending upon your unique circumstances, a conventional or FHA mortgage loan may be available once one’s good credit record and/or employment history is restored, which on average may require only a two to three year period.
We would be happy to help arrange for one of our experienced short sale agents to meet with you and provide you with a market analysis of your current home, without obligation of course. Please feel free to contact us 1-800-354-5664 or email us at firstname.lastname@example.org at your convenience.