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I have to relocate to my new station, my package included DNRP Guaranteed Home Sale, I own a house in my homeland

that is underwater, If I have to do a short sale on my home, will I have to pay the difference between the selling price & what I still owe? Or VA loans included a insurance that pay that difference. How does selling my home in a short sale affect my credit rating? by naristud210 from , California. Nov 14th 2016 Reply


Susan Ledingham (perfection)
#883 ranked lender in California - 6 contributions

Hi there,A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.Short sales do affect your credit, it maybe 85-160 points drop on your credit. Its best not to be behind on your payments while doing a short sale, as the short sale is done the lender can report your late payments to the credit bureau.The waiting period to buy another home is 2yrs. on a short sale. It better if your not behind on your payments.Any other questions you can call me at 650-352-5656. I'm a California Mortgage broker.Best to you,Susan Ledingham

Nov 14th 2016
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Susan Ledingham (perfection)
#883 ranked lender in California - 6 contributions

I'm sorry I forgot...If your entitled for a VA loan, its best to check with the VA on your situation.Regards,Susan

Nov 14th 2016
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Larry Gray (lgray_312_247)
#1 ranked lender in California - 1,033 contributions

There are various reasons acceptable by the VA, all of which fall under financial hardship. You must negotiate an agreement with the lender for a short sale and in negotiating the lender agrees to accept less than the money owed. With a VA HLC HAP loan you likely would have to pay missed payments, but with a VA HLC (non HAP) you would not.If you are an active duty, retired or service related disabled military personnel or a civilian DOD employee, you may qualify for mortgage assistance for veterans. In this case, you will receive free military mortgage / VA foreclosure help at no cost to you. You do not need to have a VA loan to apply. You do however, need to have prior military service or be employed by the Department of Defense. To apply for for the foreclosure help for military program, call 888-573-4496 option 2.

Nov 15th 2016
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