11-12-2012 06:06 AM
I was wondering if anyone had experience with a VA compromise sale.
I owe about 210k on a wonderful home in VA Beach that I purchased about a year ago. Unfortunately, when it came time to pick orders there was nothing in the area for my rating. (Before you jump down my neck about it being irresponsible to buy a home a year before orders, Hampton Roads is typically one of those places where you can do your entire career.)
My understanding of the VA compromise is that I'll have to show proof of hardship. (PCS orders do count, since I obviously can't commute to Everret Washington from VB) I also have heard that the magic number for approval is at least 88.3% of outstanding balance. My loan is owned and serviced by BofA, and I'm due in Pensacola Fl for training July 2013.
My other option is of course renting the house out, but that's a monthly loss for who knows how long (assuming property manager @ ~10%)
What I'm really after here are any tips from someone that's completed the process, and what impact I can expect it to have on my credit.
Also, if you did it in Hampton Roads, could you recommend a good seller's agent. (Not sure if that's allowed as a post... PM if it isn't)
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k