With the press release of from the White House earlier this week; there is some great news for Military Home owners who are underwater on their mortgage with PCS orders in hand. The settlement came about by the Department of Justice Reaching Agreement to Compensate Servicemembers for Wrongful Foreclosures. If you currently have a Home Mortgage from one of these lenders Bank of America, Chase, Citi, Wells Fargo, and Ally and faced with a short sale possibility. Under the National Mortgage Settlement working with your lender, all of the participating servicers will provide mandatory short sale agreements and deficiency waivers to certain service members who are currently ineligible for HAP.
- Bank of America/Countrywide
Bank of America Customer Assistance Centers
- JPMorgan Chase/Washington Mutual
Chase Homeownership Center
- Ally Financial-GMAC
- Wells Fargo/Wachovia
- HUD-Approved Housing Counselor
After talking with your lender and you meet the guidelines, Active Duty Service Members who bought their homes between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010 you want to get with your Realtor who is knowledgeable with a Military Move. A Military Friendly Realtor will be able to guide you through the short sale process and work with your lender in getting it accomplished. The National Mortgage Settlement page has a lot of useful information how it directly affects Active Duty Service members.
If you live in the Hampton Roads area and have any questions on starting the short sale process please feel free to contact me.
I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!
When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at firstname.lastname@example.org