Comment

Comment by Wendy Rulnick on February 3, 2012 at 11:35am

Brenda - Just send in your authorization, nothing else necessary to send in until contract.

Comment by Kevin - Greenville, SC on February 3, 2012 at 11:32am

At last word Wells Fargo is not providing the relocation incentive on Compromise Sales.

Comment by Kevin - Greenville, SC on February 3, 2012 at 11:31am

http://www.scribd.com/doc/80420535/Compromise-Sale-Agreements

Comment by Brenda Mullen on February 3, 2012 at 11:28am

Hi Wendy,

Do you recommend I get the paperwork first and get the package all set up before the offer?  I was told that the lender won't do anything with it until we get an offer.  I know I am going to be asking a TON of questions :).  By the way, the loan is held by Wells Fargo.  

Comment by Kevin - Greenville, SC on February 3, 2012 at 11:26am

Brenda Mullen - Yes, standard docs are used.

PROS
• A Short/Compromise Sale can be beneficial for situations in which the homeowner is facing foreclosure and needs to sell a home that is undervalued.
• In most cases the homeowner is released from liability through the Short/Comprise Sale process if the loan is guaranteed by the VA. If the loan is conventional a lender must agree in writing to waive the collection of any deficiency. Homeowners with conventional mortgages should request the waiver prior to completion of the short /compromise sale.
CONS • On VA guaranteed loans, this option can affect the homeowner’s ability to use the VA entitlement for future home purchases.
• On Non-VA guaranteed loans, the lender has the option of establishing a debt for the amount of the deficiency against a homeowner.

Comment by Wendy Rulnick on February 3, 2012 at 11:25am

Brenda - Use the forms the servicer/lender provides. Yes, mostly standard stuff, as you've listed, but some lenders, like Bank of America have special forms for VA Compromise Sales.  You don't need to use the VA financial worksheet, actually.  When you prepare the preliminary HUD, have the title agent include the $1500 VA Relocation Assistance credit to the seller.

Comment by Brenda Mullen on February 3, 2012 at 11:21am

Ok,

Just joined so that I can learn and learn some more.  However, I am also about to list a home for a VA Compromise sale.  Do I have my client fill out the regular short sale package, (i.e, hardship letter, third party authorization, etc), just like it will be a regular short sale?  This is my first time doing any of this (short sale or VA comp) and I really want to do it right for my client.  I also noticed there is a financial sheet above from VA.  Is this the one the Soldier fills out?  Thanks for any and all help :)!

Comment by Kevin - Greenville, SC on January 24, 2012 at 8:12pm

This came from the NAR - 

Kevin:

I’m pasting the response from VA below. Basically, the relocation reimbursement policy is not required by VA. So, it’s really up to the lender if/when they care to implement.

Jerry

Comment by Wendy Rulnick on January 24, 2012 at 1:29pm

Wells Fargo is currently not honoring the VA Relocation credit of $1500 to the seller.

Comment by Wendy Rulnick on January 21, 2012 at 3:35am

Thanks for the link, Kevin! Can you put it in the HAP group, too?

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