In March 2012 the White House and major lenders reached an agreement on providing additional relief to active duty military who are upside down on their mortgage. The only problem was the lenders weren’t ready to act on the announcement causing even more frustration for anyone in the Northern Virginia area with orders in hand. Calls to lenders were meet with “it takes time to roll out these programs.”
According to the Richard Cordray Chief of the Consumer Financial Protection Bureau (CFPB) “those who serve our country deserve to be given the best service by their mortgage servicer, members of the military who get PCS orders will automatically be eligible for a short sale of their homes.” The statement from the CFPB went on to state “the goal of the guidance is to ensure that members of the military who must move are getting clear, accurate, and timely information about available options such as loan modification or short sale.”
What does this mean if you are active duty military who has been stationed at Ft Belvoir, Pentagon or Quantico? If you were not eligible for the DoD HAP program and have received PCS orders you may be eligible for the new short sale guidelines for selling your home.
If you own a home in the Northern Virginia area give me a call at 703-346-2213 or drop me an email at [email protected] and let’s talk about whether the new guidelines for PCS order will work to help you qualify and successfully complete a short sale of your home.