Comment

Comment by Kevin - Greenville, SC on September 20, 2013 at 9:40am

Hi Kevin, Wells rolled this out last year.

 

Thanks. 

 

Kimberly Humphreys

VA Preforeclosure Manager 
Wells Fargo Home Mortgage BCS

Secretary, Veterans Team Member Network

Comment by Sidney Kutchuk on September 19, 2013 at 4:04pm

Thanks Kevin,

I had drilled down through these posts and was reading that Well does not offer the relo. Hope by now they would get in line with other servicers and allow it. Also good to hear we can use Equator.

Do you know or have you heard what the typical time to approval is for a VA /Wells short sale?

    

Comment by Kevin - Greenville, SC on September 19, 2013 at 3:39pm

Yes. They can be initiated via EQ.

Comment by Kevin - Greenville, SC on September 19, 2013 at 3:38pm

Sidney,

The Servicer(s) aren't mandated by the VA to pay that RELO.  It's at their discretion.

Comment by Sidney Kutchuk on September 19, 2013 at 3:35pm

Hello SuperStars - Just about to start a VA short sale with Wells Fargo.

Have they changed their tune yet on relo funds? Will they pay Seller's $1,500?
Can they be processed via Equator?

Thanks in advance.

Comment by Jeff Payne on August 6, 2013 at 7:40am

I have closed alot of VA short sales.  Most recent the sellers were living in Turkey for the last year and we did a short sale on their home.

Comment by Jim McCormack on August 5, 2013 at 1:05pm

Not true.  I closed a VA short sale last year where the Sellers/Borrowers had moved out many months before the short sale.  The VA knew they were out of the house because their 1st appraiser (done before my involvement) claims he could not get access to the house because it was vacant.  A VA short sale (VA Compromise Sale) must net 88.13% of the VA's appraisal of the property.

Comment by Kevin - Greenville, SC on August 5, 2013 at 12:28pm

SELLER REQUIREMENTS:
1. Once it is apparent that the seller needs to consider the VA Compromise Sale Program, the
seller should contact his/her servicer.
2. A financial statement should be provided and signed by all parties.
3. The seller should complete a letter of request for a compromise sale to include hardship
information.
4. A Compromise Sale Agreement Application should be completed and can be obtained from
the servicer.
5. On loans that originated on or before December 31, 1989, the servicer is required to write off
any amount over the max. guaranty of the loan.
REALTOR AND/OR SELLER REQUIREMENTS:
Upon receipt of an acceptable offer the realtor and/or the seller should contact the seller’s
servicer and advise them that they are in the process of submitting a compromise
package. This package should contain the following information:
1. Sales contract signed by all parties with a contingency which reads: “This offer is contingent
upon approval of a VA compromise sale.”
2. Good faith estimate projecting closing costs. This document is usually prepared by the real
estate agent to facilitate processing (i.e. estimated HUD1).
3. Letter to the servicer requesting consideration of a compromise sale.
4. Financial data and supporting documentation.
5. Compromise Sale Agreement Application.

http://www.benefits.va.gov/roanoke/RLC/forms/COMP-SALEProgramTraini...

Comment by Kevin - Greenville, SC on August 5, 2013 at 12:15pm

The Agent who told you that is incorrect.

Comment by AnaLee Schnell on August 5, 2013 at 12:14pm

I had an agent tell me today that if you are doing  a short sale on a VA; the property must be occupied or the short sale will be declined? I've never heard of that or had that be an issue. Has anyone else heard of this?

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