VA Compromise Sales

Comment

Comment by Evelyn Broxterman on August 24, 2010 at 12:28pm

Possible VA short sale listing with Chase as servicer. Seller does not want to lose their VA eligibility if the loss will not be forgiven by VA. How can my seller keep his VA eligibility if doing a short sale?

Comment by Kevin M. Lancaster - Willson on August 23, 2010 at 3:38pm

Joshua, I just spoke to someone @ the VA office in Atlanta and was told that the approval or denial of the Short Sale is left solely up to the loan servicer as long as the offer is for 88% or greater than the VA appraisal.

Comment by Joshua Bragg on May 24, 2010 at 1:00pm

Hi everyone ... I just wanted to add my two cents ... I have noticed that unless you are very specific one cannot take for granted that (any) lenders will proactively act in the most appropriate manner ... for example if you're lender is a Compromise Sale Participant (check VA List) you should specifically request an "Electronic Default Notification" be sent to the VA so that a rep will be assigned to the case ... I echo everyone else in stating that having the file assigned will help move things forward, one could conduct the whole sale without a VA rep assisting however its better if they are involved. I have noticed that Lenders/Servicers volunteer very little information ... this is, of course, why I have found this forum so helpful ... thanks everyone!

Comment by Tessa Wilborne on March 29, 2010 at 1:15pm

cindy~if Wells is not responding get a hold of the VA department. They will email a higher up contact with the lender to get them to respond. Worked for me. Closed in January.

Comment by Cindy Jones on March 24, 2010 at 3:26pm

Putting a VA Compromise Sale on the market this weekend. Wells Fargo, one loan current on payments but has lost job etc. I'm following usual short sale process but checking to see if there is anything else other than keeping Roanoke on speed dial?

Comment by Sue Burg on December 13, 2009 at 8:38pm

Thank you, Wendy.

Comment by Wendy Rulnick on December 12, 2009 at 11:39am

Susan, VA Offer in Compromise or "Compromise Sale" is really the VA's term for a veteran's short sale. The process is similar to any short sale. The buyer's servicing lender handles the processing for the VA. The appraisal on the Veteran's home is a VA appraisal. After completion of offer in compromise, the Veteran may not use the amount of the loss from his VA guarantee until or unless he repays it. You can go to the VA website for more information. Reference text box above.

Comment by Sue Burg on December 11, 2009 at 6:48pm

Can someone please explain this to me. I work with Vets in California and don't know about this problem or program since most of my vets are buyers. I have dedicated a part of my business to vets and would like to know more. Thank you for your help. Oh, Sue Burg, Phoenix Rising,RES at Keller Williams, South Bay. Nice to meet all of you.

Comment by Wendy Rulnick on October 13, 2009 at 9:18am

Hi Don - CONGRATS on your approval so quickly with the beheamoth company. I have a VA compromise sale with PHH now and the VA has refused to help my sellers. He has personally called them at least twice. They said there is nothing they can do. We are SEVEN MONTHS in!! PHH is phhathetic!

Comment by Don Duft on October 12, 2009 at 10:31pm

VA Compromise sale approved by PHH - 97 days after submission on June 24th. I must note that we had considerable assistanec from teh VA Roanoke office who was able to get them to move along when they would not even return my calls or emails. If you have a VA Compromise sale you NEED a VA Advocate to work the case with you - especially with PHH Mortgage. We go to settlement on 10/26/2009. Only minor cvhanges in Seller concession to make it work to the Investors net. It did not get 1st level review until late July - then to the lead Negoiator on 8/5 for a Quality review - then to the investor for review and finally to an internal committee. If you have a deal with PHH you just have to stay on top of them all the time as they do not volunteer proigress. PS - The Seller also had Senator Webb weighing in weekly for updates from teh VA Roanoke.

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