Comment

Comment by Wendy Rulnick on November 2, 2010 at 2:12pm

Hi Bill - YES senior VA will pay junior lien, but not a lot! They still have to meet the required VA net as determined by a calcuation from VA appraisal.

Comment by Bill Garrett on October 22, 2010 at 4:32am

I have read the VA literature and Wendy's excellent summary of VA "compromise sales". I am still unsure if we can get any money out of the VA or the servicer (in my case BAC) to give to the junior lien. Any experience? Also, how difficult is it to get 3rd party negotiator fees authorized on these VA short sales? Thanks

Comment by The Good Home Team on September 8, 2010 at 5:26am

Thanks Wendy!

Comment by Wendy Rulnick on September 8, 2010 at 3:32am

I have never heard of VA coming back after deficiency... I've sold many... One key difference is Vet can repay entitlement and get a VA loan in the future. Another key - VA appraisal for short sales are good for 6 months... They usually care more about NET versus specific closing costs...

Comment by The Good Home Team on September 8, 2010 at 3:20am

I have a client who is going to need to short sale his home... does the VA come after you for the deficiency of the sales price vs what was owed on a primary residence?

What should the seller know about doing a VA short sale? I appreciate everyone's feedback!

Comment by Wendy Rulnick on September 7, 2010 at 6:31am

They can pay it back, Evelyn... The entitlement can be restored in the future. I've had servicemembers do that in the past. IF they want to re-use a VA loan. My guy did it, then ended up doing another compromise later!

Comment by Evelyn Broxterman on August 24, 2010 at 5:28am

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 - Greenville, SC on August 23, 2010 at 8:38am

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 6:00am

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 6:15am

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.

• ‹ Previous
• 1
• …
• 22
• 23
• 24
• 25
• 26
• Next ›
• Page