Virginia Beach Real Estate News For Buyers And Sellers

"Surf to Sunsets" – Chesapeake, Norfolk, Suffolk, and Hampton Roads Homes, Foreclosures, and Condos For Sale

  • tel (757) 769-8444

Quick Search

Military Short Sales And Effect On Credit Score (Virginia Beach Real Estate)

filed under: Real Estate posted on September 4th, 2012

My recent article on “Why Military Homeowners PCS’ing Should Short Sale Their Home” has resulted in many inquires from Virginia Beach and Hampton Roads Military personnel.

military short sales and credit score virginia beach and hampton roads real estate

Serving Our Military Home Owners

Most military homeowners worry how the short sale will effect their credit or security clearance.  The security clearance is far the most important item, but if your credit is good with no history of derogatory payments you should be just fine (check with your chain of command regarding financial issues and impact on security clearance).

Most all stories from Virginia Beach and Hampton Roads military families are pretty much the same:

1.  Transferred and renting out their home in the Virginia Beach/Hampton Roads area for less than the mortgage payment resulting in financial strain at the new PCS duty station.   Dealing with property management from far away and the potential cost of repairs so the home remains in decent condition.

2.  The spouse and children staying behind while the military member transfers because they cannot sell the home due to being so far “underwater”.

3.  Always current on their mortgage payment and receiving no sympathy from bank or lender about refinancing or mortgage adjustments.

The biggest issue from military homeowners repeatedly has been what will my credit score do?   The good news is if you are current on your mortgage and have no “lates or missed payments” you should see relatively minor change in your credit score.   In fact, some Virginia Beach and Hampton Roads military personnel have been able to short sale their current residence and turn around within months and purchase a new home.

My thoughts:  Don’t get caught up with the credit score issue.   Getting rid of the debt with NO Pursuit of Deficiency is far more important for peace of mind, your family, and getting on with your life.   You already give much for your country so take advantage of this once in a lifetime opportunity.

The short term short sale pain, if much at all, is a no brainer.  Contact Dennis Blackmore for more information and getting started.

Dennis Blackmore is an Experienced REALTOR(R) and Retired Naval Officer specializing in helping the military with real estate buying, selling, and relocation.






posted by Dennis Blackmore

Leave a Reply

× 3 = eighteen

Open houses near you:


The listing data relating to real estate for sale on this web site comes in part from the Real Estate Information Network, Inc. (REIN) and has been authorized by participating listing Broker Members of REIN for display. Real estate listings held by brokerage firms other than ERA Real Estate Professionals are marked by the symbol; detailed information about such listings includes the names of the listing brokers. Users of this Site are granted a limited, nonexclusive license to use the Site and its listing content for personal and noncommercial use only.

Real Estate Information Network, Inc. (REIN) updates its listings on a daily basis. Some properties which appear for sale on this website may have subsequently sold or may no longer be available.

All Information Deemed Reliable But Not Guaranteed.

REIN's listings are based upon data submitted by its Broker Members, and REIN therefore makes no representation or warranty regarding the accuracy of the data. All users of REIN's listings database should confirm the accuracy of the listing information directly with the listing agent. This data and information is protected under Federal Copyright laws. Federal law prohibits, among other acts, the unauthorized copying or alteration of, or preparation of derivative works from, all or any part of copyrighted materials, including certain compilations of data and information. COPYRIGHT VIOLATORS MAY BE SUBJECT TO SEVERE FINES AND PENALTIES UNDER FEDERAL LAW.

Some listings may be duplicated in the search results due to the co-mingling of listings from more than one multiple listing service. Should there be different listing information between the duplicated listings, user is advised to verify the accuracy of the listing information before making any financial decisions. This website does not include information on all of the properties available for sale at this time. Information is deemed reliable but not guaranteed. REIN has no control over the conditions under which broker member or any of the respective agents, employees, customers, clients, contractors or representatives use the sold listings information and does not and cannot warrant, and expressly disclaims any warranty with respect to, the accuracy or completeness of the sold listings information or performance or results that may be obtained by their use. You should not base any important financial decisions on this sold listings information, without independently verifying such information, or consulting with a professional real estate broker for assistance.

This IDX solution is (c) Diverse Solutions 2014.