Will BOA process a VA short sale while payments are current?

Does anyone have any information as to BOA's VA loans with payments that are current?  Any experience with this? 

 

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Permalink Reply by Jeff Payne on October 5, 2012 at 3:45am

Yes, assuming you have a valid hardship.  I've closed plenty of VA short sales with current payments and a verifiable hardship, usually a PCS

Permalink Reply by Wendy Rulnick on October 5, 2012 at 5:02am

I second that. YES.  I've had VA Compromise, current, without a PCS, approved.

Permalink Reply by Tara Samney on October 7, 2012 at 4:54am

Yes.  Be sure homeowner has a conversation with B of A on the VA eligibility.  They have to screen them if they qualify for a home mod first or why it will not help them or they will not open the file. 

Permalink Reply by Wendy Rulnick on October 7, 2012 at 4:58am

I've never had a VA Compromise seller get screening at Bank of America for modification before doing the VA Compromise Sale.

Permalink Reply by Tara Samney on October 7, 2012 at 5:09am

I just had it this week.  It was confusing b/c homeowner had already called and was told to send in financials.  They held the package and did nothing with it.  When I called this past week they said there are 3 criteria that have to be met for VA loans- and that they are stricter than most servicers in their screening.  They said there were 3 criteria that had to be met they screened for an included having applied or been screened for a mod. Homeowner called back and went trhrough financial screening and they told him to go ahead.  I called back and Bank of America confirmed he was now cleared and screening criteria had been met,

Permalink Reply by Richard "RJ" Kas on October 7, 2012 at 10:57am

Yes.  There should be no issues.  I have closed many in this situation.  Where is this property located?  Thanks.

 
Sincerely, Richard "RJ" Kas        (SFR, SRES) "Representing the finest properties from Los Angeles worldwide" KAS Properties - Coldwell Banker Previews International - Beverly Hills South 166 N. Canon Dr, Beverly Hills, CA 90210 310.859-5334 office - 310.488.9826 mobile - 310-273-0690  fax ATT: RJ [email protected] -  www.RJforLA.com -  DRE: 01352771 Sellers            Buyers            Investors            Leasing            Consulting

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