Information

VA Compromise Sales

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

Members: 201
Latest Activity: Sep 28, 2020

VA Compromise Short Sale Information

 

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** EFFECTIVE OCTOBER 2013 VA COMPROMISE SALES MUST NET 85.05% of APPRAISED VALUE ***

 

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http://www.vba.va.gov/ro/roanoke/rlc/forms/Circular%2026-08-13.pdf

 

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Discussion Forum

Did the Minimum NET change?

Started by Neil L.. Last reply by Brett Goldsmith Apr 9, 2020. 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 Maria Strong on December 4, 2015 at 8:20pm

I wanted to update everyone.  We received a new value on the property (about $70,000 less than the original appraised value) and closed. :-)

Comment by Neil L. on December 4, 2015 at 8:13am

Anyone have tips on getting a VA auction postponed? Lender is Chase

Comment by Maria Strong on July 28, 2015 at 1:45pm

Absolutely not!  Ocwen just submitted one to the VA for me this week.  The VA would not allow me to submit it directly, so Ocwen sent the paperwork to me to fill out and then they submitted it to the VA.  The VA responded to Ocwen today asking for a copy of the contract, so they are definitely still working on reconsiderations.    

Comment by Kevin - Greenville, SC on July 27, 2015 at 9:35am

You've been bamboozled. The VA has had no such change.  I will say that it's a major uphill battle fighting a still valid (6 months) VA Liquidation Appraisal though.

Comment by Scott on July 27, 2015 at 9:34am

Has anyone heard the VA discontinuing Reconsiderations of Values on VA short sales?  I just had WF tell me that  this is a new "policy change".

Comment by Wendy Rulnick on June 25, 2015 at 2:34am

Brenda - The VA normally does not seek repayment, but that portion of the entitlement used for the purchase will not be available for other home purchases until repaid, if desired by the borrower. I suggest the borrower call the VA directly to satisfy himself. Tey are very helpful!

Comment by Brenda Houghton on June 24, 2015 at 11:38am

We just received an approval letter on a Wells Fargo VA short sale. I quit doing VA short sales years ago after disappointingly high, immovable appraisals foiled a number of VA short sales for me. Thanks to a CFPB complaint we filed due to a lack of response by Wells Fargo, we were able to get an approval on this one, but I am concerned about one paragraph in the approval letter. It states:

"Nothing in this Notice or in the release of the mortgage waives the investor's (and all other interested parties') right to seek payment of the remaining deficiency under the loan documents or any of its other rights thereunder, and the obligations of the note shall remain in full force and effect until paid in full."

Does the VA routinely pursue veterans for repayment of a deficiency?

Comment by Beth Hinson on May 26, 2015 at 4:38am

I have a Wells Fargo VA Compromise sale with a contract that meets the required net amount and a buyer who's willing to take on the repairs that has killed other deals. However, the foreclosure sale is scheduled for Friday, June 2. (This is the 3rd contract and the foreclosure sale date has been postponed once already.) I've escalated to Randy K. Saffel, Assistant Vice President, Wells Fargo Short Sale Division and to the VA Loan Technician "helping" the homeowners. Is there anyone else to whom I can make an appeal to postpone the foreclosure?  (Mr. Saffel has been responsive, but the sale date has not been postponed - we have less than 4 days!!)

I appreciate any assistance!

Comment by Kevin - Greenville, SC on April 21, 2015 at 9:37am

good job Wendy!

Comment by Kevin - Greenville, SC on April 21, 2015 at 9:18am

Although there is no requirement that comparable sales or other real estate market information be submitted with a request for a change in value, such supporting information will greatly assist the VA in reviewing the request.  Lender Appraisal Processing Program (LAPP) cases should also include a recommendation by the Staff Appraisal Reviewer (SAR).

 

 

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