I need some help for a friend's son. He is in active military, bought a property with VA loan. Mobile Home and about an acre in Hinesville, GA. He has long been moved away, and will be seconded to…Continue
Servicer is US Bank and they are countering at $205,000(what borrower owes)when best offer/contract was $162,000, FMV nowhere near their number. I don't think this makes sense - need to talk to Freddie Mac.See More
I am doing a VA short sale with Bank of America servicer and it would be generally quite painless except that the seller has an outstanding loan with Piedmont Natural Gas for a new HVAC system that was installed about 3 years ago. BofA is saying they will not allow this lien to be paid in the short sale - even if buyer increased their offer. Sale cannot close if this lien is not released. Has anyone had any experience negotiating with Piedmont Natural Gas specifically? NC folks?Seller is…See More
"Yes, Jeff I could use some help with those. What happens is that working for the biggest servicer in the country for many years with a large portfolio in my pipeline, I personally, never did close a current borrower applying for SS. I've seen…"
A SS provision is not mentioned in the SERVICEMEMBERS CIVIL RELIEF ACT OF 2003 EXAMINATION PROCEDURES, however, doesn't mean it can be done. It all depends on the investor's delegation towards the servicer.
"Good point Ron, the short sale may not impact the credit score much if they do not miss a payment but it can certainly affect the time period to be able to purchase again in many cases. I have seen credit scores raise after a short sale.…"
" Jeff you are correct. I forgot about that provision. He will qualify for all the benefits of Sailors act as an active member. I've seen SS completed with current mortgagors while in BofA He will need to contact the servicer…"
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