Jacksonville, FL short sale success with VA!
Lots of homes were sold at the peak of the market to buyers with 100% no money down VA (Veterans Administration) mortgages. Unfortunately what goes up must come down, and with the Florida market on a downward trend over the last couple years, many of these VA buyers are finding themselves owing more than their homes could sell for!
My seller was struggling with an un-affordable mortgage and medical conditions that left him unable to maintain the home he had bought just a few years earlier. After considering his options he decided a short sale would be the best way to resolve the situation and move on to more suitable and affordable housing.
The VA short sale process:
VA short sales have a very standard process. The house gets listed on the open market and once a buyer is secured the lender will review and ideally approve the short sale, so that the buyers may close. This case was no different, although Carrington (the servicer on this VA loan), is slow and difficult to work with as usual.
Short sale approval!
It took longer than expected to secure a buyer in the rapidly changing market and once we did, the sale quickly fell apart over inspection issues. We soon replaced the buyer, but then Carrington proved to extremely unresponsive as we pushed the file forward. Several months and many escalations passed until we finally received a short sale approval letter! The sale closed days later and the seller walked away from over $40,0000 of excess mortgage debt!
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Last Updated on July 9, 2025 by Minna Reid