By Melly Parker
Selling your home can be difficult, especially if you still owe money on the mortgage. If you signed a contract that promised a large amount of money for your property and now wish to sell the house for less than you owe, you can perform a short sale. Short sales for veterans, done through the Veteran's Administration, can pay the difference between the cost of the mortgage and the price the home is selling for. This can help you avoid foreclosure and keep your credit from becoming negative.Request a Release of Liability forms by calling 888-232-2561. Once the call is answered, be connected to extension 3130. Fill out these forms and return them as required. You'll also have to write a statement explaining why your home is being sold and showing all of your assets and debts.
Set up an appointment with the Veterans Administration to discuss a short sale under the Servicer Loss Mitigation Program. They'll help you find the value of your home and calculate how much loss they can expect if they participate in the short sale.
Ask the Veterans Administration to contact your mortgage holder about a short sale. They will have to agree that the amount of money they will receive from the new homeowners and the Veterans Administration will pay off your loan.
List your home for sale at the current market value. The offer on the home must be at market value for you to obtain a short sale. Explain to your mortgage broker that you anticipate having to perform a short sale so that you can attempt to avoid foreclosure in the meantime.
Wait to have an offer on your home. Once someone has made an offer, calculate the difference between your mortgage and their offer by subtracting their offer from your mortgage. For example, if they're offering $100,000 and your mortgage is $105,000, the short sale amount would be $5,000.
File any paperwork that the Veterans Administration or your mortgage lender requests to process the sale and transfer ownership of the home.
http://www.lenderva.com
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