The Department of Veterans Affairs has a Compromise Sale Program for VA Loans if the borrower is unable to sell the property for an amount that is greater than or equal to what he/she owes on the loan, including closing costs. VA may pay a compromise claim for the difference in order to allow the private sale to go through. For more information go to http://www.benefits.va.gov/roanoke/RLC/forms/COMP-SALEProgramTrainingVaBeach.pdf.
I always want to know what is available to help folks get out of mortgages they cannot afford.
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