Saturday, June 29, 2013

New Guidelines on Short Sales Make Selling Homes Easier for PCS Military Members

Moving is a regular part of a military member’s life. After you receive your PCS orders to move to San Antonio or to any other area, one of the primary concerns you may have would be selling the home you will be leaving behind.

It could be tough selling a home, selling a home underwater is even harder. A home is underwater when the home’s appraised value is lower than what the homeowner still owes the bank. Meaning if the homeowner sells the home, all the money would be given to the bank, plus extra cash to pay off the loan for the home.

Some military homeowners opt to do a short sale for their underwater home. But in order to qualify for a short sale, a homeowner must either have a hardship or has been delinquent in paying their mortgage. A military homeowner is faced with a problem if he or she does not fall under the two categories.

Some military homeowners, in order to be qualified for a short sale, deliberately default on their mortgage payments to fall under the delinquent category. They do this at the expense of jeopardizing their credit score, which is puts them between the a rock and a hard place.

But with the recent changes rolled out by Freddie Mac and Fannie Mae, it is now possible for military homeowners to qualify for a short sale even if they have no hardship or are current with their mortgage payments.

As long as their home was bought on or before June 30, 2012, and their mortgage is backed by GSE, they have the chance to qualify for a short sale. Take note however, that the home’s sale price is still subject for approval.

This recent change will certainly help many military families sell their homes easier, especially if they need to PCS move to San Antonio.

Then, the Real Estate Muses can help you find your home in San Antonio.

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