VA Compromise Sales

Group devoted to discussions for Veterans Administration short sales, called Offers in Compromise, or VA Compromise Sales.

Members: 202
Latest Activity: Sep 28

VA Compromise Short Sale Information


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Discussion Forum

Did the Minimum NET change?

Started by Neil L.. Last reply by Brett Goldsmith Apr 9. 3 Replies

VA Short Sale Appraisal Value Dispute

Started by Rose Beaverson. Last reply by Jason Sanseverino Aug 20, 2019. 3 Replies

Servicer Guidelines for Compromise Sale

Started by Terry Hammill Jun 26, 2019. 0 Replies

Comment Wall


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Comment by Bill Garrett on September 14, 2016 at 6:40am

JUNIOR LIEN PAYMENTS____________ Two Questions:  _____ (1) Does VA cap what is allowed to a 2nd mortgage?  ______ (2) Does VA require the 2nd mortgage to forgive the balance of the loan?   ______ Thanks.

Comment by Wendy Rulnick on April 14, 2016 at 5:55am

Congratulations, Guerry!

Comment by Guerry Clegg on April 13, 2016 at 9:01pm

Update: We closed and they allowed $8,358 in buyer CC.

Comment by Guerry Clegg on February 19, 2016 at 6:27am

I still don't have approval, but it looks promising. Here's what VA said, followed by Chase's response. I left out the VA regs bc they are too long and they only deal with getting an extension on the appraisal:


Hey Guerry,

Below is the regulations in regards to loan termination, which includes (foreclosure, short sales or dil). It has no mention of closing costs, as VA does not have any requirements in place. I was 99% confident we didn’t have any requirements but because I can’t provide anything in writing I asked my Team Lead just for verification and he confirmed we have no requirements what so ever at time of short sale other than the net value being met. There isn’t even a hard 3% rule, that would also be coming from the lenders side and might be standard across the board but again even that is not a VA regulation. Please let me know what Chase says and I will be sure to reach out to them if you continue to have issues.


Hi Guerry, Please provide full name and number of the person you spoke to over the phone at VA. My manager will talk to them. If they want to proceed with it, we don't have a problem but we need to get an approval from them. Please provide the name and number. Thanks

Comment by Wendy Rulnick on February 19, 2016 at 6:19am

Guerry - That is very strange if she did!  Let us know the outcome!

Comment by Guerry Clegg on February 18, 2016 at 1:33pm

I think she is getting it confused with FHA allowable costs. I talked to the person at VA who is assigned to our file and he said VA just cares about the 85.05 pct net. He said it might be a Chase policy but does not know why they would care as long as their guaranty is protected.

Comment by Wendy Rulnick on February 18, 2016 at 12:51pm

Guerry - I find that odd!  Have your borrower call the VA directly and find out how that is possible, since the net is met. 

Comment by Wendy Rulnick on February 18, 2016 at 12:50pm

Deb- Thank you for that info.  Did they tell you you could not challenge the current appraisal?

Comment by Guerry Clegg on February 18, 2016 at 12:03pm

I have a VA short sale with Chase for $278,600 paying $8,358 in closing -- exactly 3 percent. We structured the contract, including a slight commission reduction, to meet the net of 85.05 pct. But Chase is allowing only $2,839.45 for CC. On my last VA short sale in October (Wells Fargo) they allowed $4,931.47 for a $169,900 purchase. If Chase is wrong, how to I escalate it?

Comment by Deb Clark-Wyles on January 27, 2016 at 11:16am

I just spoke to the VA regional office in Denver because I have a VA appraisal that came in 75K above the buyer's FHA appraisal.  She told me they no longer reconsider liquidation appraisals because by law they can't.  She told me our best bet is to just let the appraisal expire then resubmit the short sale request and hope for the best with the new appraisal.  Wells Fargo had told me the same thing.  Anyone else heard that?


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