Wednesday, December 19, 2012

Fort Walton Beach Citi Bank VA Compromise Sale - On Way to Sold

This Citi Bank VA Compromise Sale in the Kenwood area of Fort Walton Beach Florida is now under contract.  641 Country Club should be sold and closed in about four months.  VA Compromise Sales with Citi Bank are processed like all other lenders. Citi Bank is the servicer of the Veterans Administration mortgage, so abides by VA Compromise Sale guidelines.
Here are guidelines for a VA Compromise Sale:
1. You may only sell the home for fair market value.
2. The closing costs must be "reasonable and customary".
3. You must have a valid financial hardship such as loss of income, relocation, death of breadwinner, PCS etc.
4. There should not be a second mortgage on your property, unless it is "insignificant". If so, you might ask the junior lienholder to release the lien and convert it to a personal note.
5. You should ensure your sales contract is "contingent and/or subject to the approval of a VA compromise sale."
Important Points:
1. Your lender does not have to agree to a Compromise Sale.
2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.
3. Wendy Rulnick will guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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