Helping the Military Veterans with a change to the Short Sale Rules

    I suppose it’s a start.  But we could do more.  Like accepting VA loans above and beyond all other lending types and financing methods.  That, however, is a story for another time.

    Today, we are going to talk about a change in the Short Sale rules for the Military of this country.

    Before, most of the banks, via “larger rule books”, required that a delinquency(a showing that the payments cannot be made….  by not making mortgage payments) be present before the property could be sold short.  The typical time frame for their definition of “deliquency” was 90 days.  It was at that time a Notice of Default was filed against the Home Owner that was in distress.  That was when the bank would open their ears to allow for us to start the Short Sale negotiation.

    Today, there has been a change in that rule for military and veterans “to be deployed”.  To make the story a bit shorter and more digestiable – There does not have a “showing of deficenty” when wanting to start, negotiate and close a short sale.  Applicable to the Militay officials – this will do a GREAT job giving their credit some relief.

    Although the short sale process does take a toll on a distressed home owners credit, we have seen as some of our Short Sale clients did not have to be late for any payments.  These clients maintained current on their mortgage payments while we negotiated and closed their short sale.

    Their fico’s scores maintained pretty close to their starting point.  We had seen dips in credit as much as 50 points.  That dip is a small decrease compared with the 200 point decline after mortgage lates had been tallied by the credit bureaus.  Couple the mortgage lates with a charge off for the short sale and you have a much larger dip in credit score.

    Here is the article that I found discussing this change with the Military and their Short Sale needs.

    Please let us know if we can help you.  The 10-99 forgiveness has not been re-approved and will expire this 12/31/2012, if it is not extended.  Let us know when you are ready to talk about your Short Sale Options.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. is where you will find over 10,000 real estate articles. Go to to listen to their latest real estate radio broadcast.

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