Comment

Comment by Wendy Rulnick on February 22, 2012 at 3:34am

Celeste - If your seller didn't get the funds, either there were not enough to meet the VA suggested net OR your negotiator dropped the ball. What were his initials?

Comment by Celeste ODea on February 22, 2012 at 3:31am

What did the Seller want to use the relocation funds for?  I just closed a VA Compromise Sale with BOA yesterday, and the Seller didn't get any relocation funds.

Comment by Wendy Rulnick on February 22, 2012 at 3:16am

News Flash - Bank of America will NOT allow the seller to use his VA RELOCATION Credit of $1500 for ANYTHING but RELOCATION on the HUD... Quote below. This is Awful!

Hi Wendy,

 The seller CANNOT use the VA relo towards anything else except for relocation.  We will not be able to approve any HUD that shows any of these funds towards the use of anything else but relocation.

Short Sale DIL Specialist

Comment by Kevin - Greenville, SC on February 20, 2012 at 2:33pm

Foreclosure of a Previous VA Guaranteed Home
Loan. When a veteran’s previous VA guaranteed loan has been
terminated by foreclosure, deed in lieu of foreclosure or compromise
sale (short sale), VA may have sustained a loss because of a claim
payment to the lender. Even if the veteran was released from liability on
the loan and/or the debt was waived, the Government may still have
suffered a loss on the loan. The law does not permit full restoration of
the veteran’s eligibility until the Government’s loss has been repaid in
full. Although, a veteran may have remaining entitlement to use toward
another purchase provided they have re-established credit and meet all
other underwriting guidelines.

http://www.norcom-usa.com/pdf/va-training-guide.pdf

Comment by Kevin - Greenville, SC on February 6, 2012 at 6:15pm

Barbara - Refer to Page 8475 - http://www.scribd.com/doc/80736915/Federal-Register-Vol-70-No-33-Fr...

Comment by Kevin - Greenville, SC on February 4, 2012 at 2:44pm

Barbara Thomas - Are you talking about VA Compromise Sales and the required net need to Approve?

Comment by Barbara Thomas on February 4, 2012 at 1:15pm

Does anybody happen to know what the 2012 minimum net percentage number is (i.e., this is the percentage that is applied to the "as-is" VA appraisal value from the bank)?  It is supposed to be published annually in the Federal Register.  If anybody does that info, it would be great to include it in the header information for this group!

Comment by Brenda Mullen on February 3, 2012 at 11:57am

Will do.  I still have the rest of the webinars to take through the advanced training on how to do short sales so that I can price this correctly and market it right.  I am gathering I need to put in remarks that this is a possible short sale/compromise and that a VA appraisal is required.  

I have been thinking of helping with Short Sales for a while so I think this will definitely help me to get my feet wet :).  

Comment by Wendy Rulnick on February 3, 2012 at 11:50am

Brenda, I wouldn't. Just have the sellers write a hardship letter, and gather their last two years tax returns. Wells Fargo drives VA Compromise through Equator, so they will generate requests when you initiate the sale.

Comment by Brenda Mullen on February 3, 2012 at 11:47am

Ok.  I just wondered how far in advance I should have the home owner get everything ready and if I should call Wells Fargo, (once I get the authorization) and get their required docs.  

Kevin, thanks for all of the info as well.  I have a bunch to learn.  

• ‹ Previous
• 1
• …
• 13
• 14
• 15
• 16
• 17
• …
• 26
• Next ›
• Page