VA Compromise Sale and 2nd/ Home Equity

I have an problem.... I am workng on a VA compromise (short sale) sale. The home has 1st VA Mortgage with Chase and a home equity with sovereign. As I understand, VA wont do a compromise sale with a 2nd lien. I spoke with sovereign - they wont release the lien. Any suggestions?

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Permalink Reply by Wendy Rulnick on January 9, 2012 at 10:31am

VA Compromise - You can have a junior lien. They don't like to provide much towards its release.... like $3000. The other issue - any amount paid out of proceeds to senior lien will get you closer to the 88.13% appraisal net that is required.  Sovereign won't release its lien no matter what? They will not allow a short sale except for full settlement? That is what they told you?

Permalink Reply by Suzanne White on January 31, 2013 at 11:09am

I am having a similar issue.  The homeowner has a first with Carrington who actually wants to do a DIL, pay the homeowner 2K, pay Sovereign $3500 (which is almost 15% of the balance) and still pay me a commission and Sovereign won't take it.  They sent the homeowner a short sale pkg to complete but I'm sure not much will change.  The fact that they wouldn't take a 15% payoff settlement and be done with it is maddening.  The borrower can prove insolvency and the first is being very generous.

 

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