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Letter from the Editor
MBO News
Real Estate Corner
Expert Corner
Military Life
Featured Home
Testimonial
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October 2011
Letter from the Editor

While the temperatures start to drop and the days become shorter, this time of year often invokes feelings of change. Hopefully the change you are feeling is the calm after a busy, fun-filled summer or a recent move to a new duty station.

Of course, we know that military life is never really "calm", so if you are currently planning for a winter move, MilitaryByOwner.com is a great place to turn to for your off-base housing needs. While the spring is typically the busiest moving period, the need for quality resources for housing is truly year-round. We are pleased to offer our military families a great opportunity to advertise their home to the vast number of people that visit our site looking for their perfect home all year-long. 

If you currently own a home with a VA mortgage and you are having trouble making the payments, you may want to look into a VA Compromise Sale. We have some great information on the guidelines of this program in our Real Estate Corner.

USAA has also provided us with valuable information on ways to increase your chances of selling a home in this depressed real estate market in our Expert Corner.

Important information on the recent changes to the Post 9/11 GI Bill are outlined in the Military Life segment. If you have not yet taken advantage of this incredible benefit, it is worth moving to the top of your "to do" list.

We love nothing more than hearing from our customers. We welcome your comments, feedback and suggestions, so we have made it easy to reach out to us. You can contact us via email, phone, live chat, Facebook and Twitter (@militarybyowner). We would love to hear from you! 

  

If you have any comments or suggestions for subjects you would like to see covered in our monthly newsletter or on our MilitaryByOwner Blog, please feel free to email me.  

 

Monica 2011

Monica Schaefer View our profile on LinkedIn    

Editor

Media Relations Manager

MilitaryByOwner Advertising, Inc.

  

  

  

  

 

 

 

MBO News

Give A Little, Gain A Lot! 

 

What is your organization of choice?  

  •  MDA Lock-Up
  •  
    Local business and community leaders agree to be "arrested" for having a "big heart" in the fun, MDA Lock-Up. This unique community-wide event raises funds for people with neuromuscular diseases.

    MilitaryByOwner's Founder and President, David Gran will be 'locked up" Friday, October 7.  If you would like more information to donate, click here.

  •  Fire Prevention Month

  • According to the National Fire Protection Association, there are between 350,000 and 400,000 house fires in the United States every year. Home fires are the biggest disaster threat to families in this country, above floods and hurricanes.
     
    Here are 10 ways to prevent a fire in your home,  
  •  Breast Cancer Awareness Month

  • National Breast Cancer Awareness Month is celebrating 25 years of awareness and education.  For more information click here

Are you in the Ft. Hood area?  

 

Sign up for the Army Wife Field Exercise, November 3rd and 4th. We will be there with Army Wife Network who will pass along valuable information concerning spouses and deployment.  To sign up, go to www.armywifenetwork.com. 

 

Facebook Drawing!   

 

We are pausing our facebook drawing until 2012.  Congratulations for Cindy Boyd for winning for the month of September.

   

Sharon Gran 

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Real Estate Corner
VA Compromise Sale Can Help VA Borrowers in Distress

Written by Isaac F. Davis 

Published in VA Loan Programs

 

Often when the economy is down, so is the housing market. Mortgage borrowers, including those with VA loans, can sometimes have difficulty making monthly payments in a recession. To alleviate the stress, selling a home may be the answer. And, there are many reasons why a military member might need to put a home on the market for less than what he or she owes on the property.  

 

A VA borrower facing a reduced sale of a home may be able to utilize something known as a VA compromise sale. A VA compromise sale works much like a short sale in that the sale price of the home is often lower than the VA loan payoff amount. The difference is that the VA will likely make up the difference that is owed on the loan. VA compromise sales may be explored in markets where offers are scarce, and where some sellers entertain low offers.  

 

When a VA borrower receives a low offer, he or she can request that the VA consider a compromise sale. The VA will evaluate the situation and decide whether to accept the request for a compromise sale. Typically a VA representative will work with the VA-approved mortgage company to negotiate the final price and details of the compromise.  

 

When the VA approves a compromise sale, the difference between the offer and the amount owed on the VA mortgage is covered by the VA. The borrower's VA entitlement is restored after he or she pays back the difference to the VA. In order for the VA to consider a VA-financed property for compromise sale, the following guidelines must apply:

  • The borrower must be in financial distress
  • The price of the home at the time of sale must be dictated by the current market
  • No significant second liens can be present
  • No more than standard closing costs can be charged on the transaction
  • The compromise sale must not cost the VA more than a foreclosure would
  • Fair market value of the home must be determined by a VA appraisal
  • A statement from the VA borrower must explain why the home cannot be sold for what is owed

Often times, a military member's war deployment leads to relocation overseas. This is likely the most common reason for a military member to be forced to sell a home at a loss. Marriage and divorce are also reasons for a forced home sale. Whatever the reason may be, a VA borrower may experience a reduced sale that is out of his or her control. The purpose of a VA compromise sale is to help facilitate the sale of a home in certain cases and cover losses to the federal government.

 

The details of each VA compromise sale are unique. In certain cases, the seller may be asked to sign a repayment note to compensate the VA for a portion or all of the loss. The payoff amount is usually going to be less that the total loss incurred by the VA. The amount is tallied after a financial assessment has been done to determine the VA borrower's ability to pay.

 

It's no doubt that a VA borrower is in financial distress who is forced to sell can buffer the loss with a VA compromise sale. The advantages of a VA compromise sale, over foreclosure, are that the house never becomes VA-owned property. And, a borrower's credit is not affected by a VA compromise sale. Additionally, a VA compromise sale reduces the number of VA loan foreclosures and the federal government's real estate inventory.

 

If a VA borrower thinks he or she may be facing a situation where a VA compromise sale might help, it is a good idea to contact a mortgage counselor at the nearest VA regional office.

  






 

Expert Corner

What To Do When Your House Won't Sell   
USAA Logo

 

Consider these ways to keep it on the market and avoid foreclosure.

 

You've fixed up the place, cut the price, eliminated the clutter, advertised its positives, hosted open houses - the works. Yet a "For Sale" sign is still in your yard. A house that hasn't sold can be a major problem if you've received Permanent Change of Station orders with a deadline to move, if you've already purchased another home or if you can't afford to continue paying for the property.

 

Fortunately, when life has you - but not your house - moving on, you have several options:

 

Are You Covered?

Considering renting out your unsold property? Make sure you have the right insurance coverage.

 

"When you are no longer occupying the home as the homeowner, then the coverage you have on your home needs to change," explains Melissa Digby, USAA director of underwriting. "For example, in most locations, you'll lose vandalism and malicious mischief coverage when the home is vacant for more than 30 days."

 

Rental home insurance - also known as a "fire policy" - can do more than just protect your house. It may also cover lost rental income and potential legal and medical costs if a visitor is injured on your property.

 

A fire policy doesn't cover personal property, so if you leave your home furnished, purchase additional coverage. "The homeowner also needs to let the renters know that they should purchase additional coverage to provide for their personal property - that's a renters policy," explains Digby.

Become a Landlord

 

If you need extra income to cover the mortgage, you can rent out your house. It will remain occupied, and the rent will cover some or all the expenses.

 

"You have to think about how much you'll spend maintaining the house as a rental vs. how much you can cut your price and get it sold," cautions Diane Brooks, USAA real estate product management director. "Think about property taxes, insurance, utilities, maintenance and all of that."

 

There are other considerations, as well, including whether to refinance the mortgage and how to find responsible tenants.

 

If this process seems daunting, consider hiring a property management company, which handles everything from finding good renters and collecting rent to making repairs when something goes wrong.

 

Use a House-tending Service

 

This service pairs qualified house sitters with vacant properties on the market. The sitter stages the home with his or her furnishings and keeps it ready to show to prospective buyers.

 

An occupied home shows better than an empty one, and the service pays the utilities and manages the property, keeping it in good condition. In addition, the service is free to homeowners; house tenders pay a modest fee to the service, which covers the expenses while the homeowner continues to pay the mortgage.

 

Start by searching online for house-tending services in your area. Also ask your real estate agent. Depending on where you live, your agent may be able to refer you to a house-tending service.

Make sure any company you consider has a solid reputation and performs background checks on tenders. Ask for references, and check out the company with the Better Business Bureau.

 

Hire a House Sitter

 

As with house-tending, a house sitter would stay in your home, keeping it clean and ready to show. This person could be a friend or family member who needs a place to stay, or you could advertise for the position through an online service. Discuss this with your real estate agent, who may have connections that could lead you to a reliable sitter.

 

Before selecting a house sitter, conduct a background check and spell out the terms and expectations clearly. Take into consideration that you may have to leave your furnishings in the house, and you may not collect any rental income.

 

Create Corporate Housing

 

If your home is located near an industrial park or major city, you may be able to provide short- or long-term rentals for business travelers, people who are relocating, or workers on temporary assignments. Many corporate housing contracts will pay to reserve a home even when no one is staying there, providing you income without the hassle of finding tenants.

 

You can contact local corporations to offer your home, or you can list it with an online service. A corporate rental must be left fully furnished.

 

Turn to Tourism

 

Houses in popular travel areas make ideal vacation rentals. If your home is located in a vacation destination, consider advertising online or in local tourism guidebooks. You can also list your home with a reputable service that pairs tourists with available homes and handles all of the contract negotiations. As with any kind of rental situation, make sure you or the service conduct background checks on potential renters, and be sure the contract includes a clause that outlines the renter's responsibility for any damages.

 

While you must leave your home fully furnished and clean it after each rental, there is the potential for significant income during prime travel season, when vacation rental fees can far exceed residential rates.

 

Consider a Short Sale

 

If none of these options will work for you, if finances are tight, or if you're upside down on your mortgage, you may want to consider a short sale, which helps you avoid foreclosure by reducing the amount you owe to the bank.

 

Note that a short sale negatively affects your credit rating and may create tax concerns related to the amount of principal that is forgiven by the lender. If your lender agrees to a short sale, consult a licensed real estate agent or an attorney before making a decision.

 

"Realtors are not attorneys," cautions Bill Kuhl, a USAA MoversAdvantage Preferred Agent based in Fort Walton Beach, Fla. In each individual case, there could be a pro or a con to doing a short sale, he notes. "Your best bet is to spend the money to go talk to an attorney for an hour and see what they can do for your situation. If the word is to get it ready for sale, interview agents who are familiar with distress sales."

 

Also keep in mind that the U.S. Department of Defense Homeowners Assistance Program partially reimburses eligible military personnel, surviving spouses and federal civilian employees whose service to the nation has required them to relocate and sell their primary residence at a loss.

 

This material is for informational purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.

 

MoversAdvantage offered by USAA Relocation Services, Inc., a licensed real estate broker and subsidiary of USAA Federal Savings Bank. Not available for employer-sponsored relocations, or for transactions in Iowa or outside the U.S. This is not a solicitation if you are already represented by a real estate broker.

USAA means United Services Automobile Association and its insurance, banking, investment and other companies. Banks Member FDIC. Investments provided by USAA Investment Management Company and USAA Financial Advisors Inc., both registered broker dealers.


 

  

 

 

  

Military Life

VA Outlines October Changes in Post-9/11GI Bill

 

American Forces Press Service 

By Karen Parrish
American Forces Press Service  

 

WASHINGTON, Aug. 11, 2011 - The third round of 2011 changes to the Post-9/11 GI Bill will take effect Oct. 1, a Department of Veterans Affairs official said today.

 

October's changes allow eligible students to pay for more education and training programs with the GI Bill, Keith Wilson, director of VA's education service, told reporters today during a telephone conference.

 

Programs not leading to college degrees, including programs offered at schools that don't grant degrees, will now be eligible for GI Bill funding, Wilson said. Flight programs, correspondence training, on-the-job and apprenticeship training also are covered by the GI Bill, he added.

"That's a significant expansion," Wilson said.

 

Beginning in October, the GI Bill will offer a housing allowance to students not on active duty who are enrolled solely in distance learning, and will allow students on active duty to receive a stipend for books and supplies.

 

Wilson said another change in the housing allowance means students enrolled more than half time but less than full time will receive a pro-rated housing allowance, rather than the full allowance they used to get.

 

"Now the housing allowance is tied to the training time," he said. "So if an individual wants a full housing allowance, they need to be a full-time student."

 

The Post-9/11 Veterans Educational Assistance Improvements Act of 2010, which President Barack Obama signed into law Jan. 4 of this year, set forth three sets of GI Bill changes. Some of the act's provisions already took effect in March and August.

 

The act establishes a cap of $17,500 in annual tuition for public and foreign schools, and allows payment of all in-state public school tuition and fees, Wilson said.

 

The act also did away with break pay or interval pay as of Aug. 1, he noted. This was a provision formerly allowing GI Bill benefits to continue for students on breaks of less than 30 days between periods of enrollment. Now, benefits can be paid only during periods of enrollment, though the 36 months of total eligibility remain unchanged.

 

The weeks during which students received benefits when not enrolled in school meant they were "burning entitlement," which now will be preserved, Wilson noted, but he added students will have to plan carefully for periods between classes, such as traditional winter breaks.

 

To date, more than 537,000 students have received more than $11.5 billion in GI Bill benefits. Wilson said VA staffers already have received more than 130,000 applications for fall 2011 enrollment and have processed more than 110,000 of them.  

 

 

 

 

Featured Home
Hanscom AFB

For Sale / For Rent by Owner

Price: $419,900.00

Rent: $2,500/month 

  

North Billerica, MA - Suzannah Road     

3 Bed, 2.5 Bath (Single Family)

Featured Home MA

 

Description:

 

PRICE REDUCED - MUST GO! Great commute to and from Hanscom AFB -- quiet dead end street. Acre-plus lot, Gas fireplace, Eat-in kitchen, new silestone counter & glass backsplash, hardwood floors, Master bath & walk in closet, finished basement, 2 car garage, large outdoor deck. Center entrance Colonial located in Finnegan Acres situated on an acre-plus lot. First level features living room with gas fireplace, eat-in kitchen with new silestone counters and glass tile backsplash, dining room with hardwood floors, Master bedroom with master bath and walk in closet. Walk-up attic for storage or potential expansion. Lower level front to back family room with access to the 2 car garage. Large deck off of kitchen for your enjoyment, central air and irrigation system. Great comute to and from Hanscom AFB.    

 

MBO194757          

 

Featured Home MAFeatured Home MAFeatured Home MA

For more information on this home, Click Here  

  

To see more Hanscom AFB Homes, please visit: MilitaryByOwner.com  

 

 

 

 

 

 


Testimonial 

Thanks to MilitaryByOwner.com our condo is rented in only five days to a family moving into our area. Having great pictures that are a good representation of your entire home makes a difference!


This is the second time we've found tenants through MilitaryByOwner.com and they committed to our properties sight unseen!

Thank you MilitaryByOwner.com!!!

 

D.M.

Camp Pendleton, CA

 

 

 

 

 

 

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