Veteran Short Sales his house keeps his VA Eligibility
When I moved my office into Winter Springs Centre, in Winter Springs, Florida rented a unit right next to the Eagles Club. The Eagles Club also known as The Fraternal Order of Eagles, The Fraternal Order of Eagles is an international non-profit organization uniting fraternally in the spirit of liberty, truth, justice, and equality, to make human life more desirable by lessening its ills and promoting peace, prosperity, gladness and hope.
I joined the Aerie Eagles Club #4449 which has many members including many veterans. I liked the club because it was a private club, helps so many charities and the fact that it is right next store to my office. I still can remember one of the first times I was in the club and they had the music playing and was questioning “I wonder who is moving in next store?” Someone asked to turn up the music and the bartender said “no” out of respect of the new neighbor. I laughed and said who cares about that new neighbor they won’t care, turn up the music. However, they wouldn’t turn it up until I said I am the new neighbor and I like music please turn it up. That was a beginning of a great friendship with the members of the Aerie Eagles Club #4449.
The more I went into the club, the more questions members would ask about foreclosure versus short sales and how it would effect a veteran and their eligibility. Even though I had done well over 500 short sales, I had never done a VA short sale before and didn’t know what would happen when I did. Now I do know. Here is the the story: I recently represented a Veteran, Patrick, who didn’t know what he was going to do with his house. He had purchased a manufactured home on land for $125,000. He was in foreclosure and very frustrated about the situation. His hours were cut from his place of employment and on top of all the craziness his wife and him separated. The house was in bad shape. There was a lot of water damage by the front bay window causing interior and exterior damage. The value of the home with the land was $25,000.
I tried putting Patrick through the HAFA Program and he was denied the $3,000 because he had vacated the home. However, I did get the bank to agree to the short sale and not go after him for the difference. So, he received a full satisfaction of the loan on his home. I was at the club tonight when he told me that he recently received a letter from Veterans saying “That he still has his eligibility to purchase another home however, could not use that eligibility certificate for 6 MONTHS.” I was so excited for him as 6 months is nothing! He even told me that his credit increased by 15 points because the loan was now paid off. He told me that he can now sleep at night thanks to me and in the future, not that he wants another house now, he can use his VA Eligibility when he wants too.
I told him that if you short saled a FHA loan that the homeowner won’t be able to get another FHA loan for at least 2 to 3 years and that 6 months was great. So, if there are any Veterans out fighting the stress of foreclosure and wondering if they should do a short sale versus foreclosure, I am suggesting that a short sale is better. Why lose your VA Eligibility Certificate when you fought for our country and you deserve to keep it!
Thanks to all the veterans in this world we love you and should you have any questions or need my assistance, call me at 407-888-3433.
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