Military Short Sales in San Diego

Due to the nature of the military, many service men and women are forced to relocate approximately every three years. Most military individuals purchase homes in their hometown, with the intent of one day returning there to settle down. Quite often, many are paying mortgages on these homes throughout their time of service, no matter where they are located. Some find it advantageous to purchase a home at their current station for many reasons, namely to save money. Because of the frequency of relocation for military members, many find themselves in the unfortunate situation of not being able to honor their financial obligation in regards to their home. Luckily, a new policy with two major lenders, Freddie Mac and Fannie Mae has made changes so that service members are able to conduct a short sale without financial penalty. Under the new regulations, if an individual receives PCS (Permanent Change of Station) orders, they are able to short sell their home, regardless if they are behind on mortgage payments or not. A short sale occurs when the lienholder agrees to accept less than what is owed on the home, in turn releasing the homeowner of the financial obligation. This is very beneficial to military members because they are usually forced into financial hardship due to housing obligations, such as foreclosures, paying mortgages on multiple residences, and usually, losing significant amounts of money in the process. San Diego is a hub of military service members, with thousands of service members in and out of the area each year. It is therefore affected by short sales because of the sheer number. Several real estate professionals specialize in military short sales and are available to help military families relocate in a timely and credit-saving manner. Before pursuing a short sale in San Diego, service members should contact a real estate professional to ensure they are aware of all of the aspects of a short sale and to guide them down the path of a smooth relocation.