Why would Wells issue an approval letter with no deficiency release? Letter states $0 promissory, $0 due at closing but no release. Active military relocated to permanent duty over 100 miles away He has stayed current on mortgage. Rank prevents him from going late and possibly prevent further advance.
Thanks in advance
Frank Helderle
St. Louis, MO.
Tags:
Kevin - any insight to why a waiver of deficiency is not included in the short sale approval?
It depends on the investor as to what the language will be in the approval letter. Do you know who the investor is? Chad
Frank who is the investor in the mortage?
Frank, VA does not include deficiency waiver language in their approval letters. They typically will not pursue the borrower, but do allow for the option if they find fraud or misrepresentation in the file. In all of the VA Approvals (somewhere around 90 VA Approvals) we have received over the years, we have NEVER had any issues with the Servicer or VA pursuing the deficiency. IF the VA is requiring a contribution, they would have included that information in your approval letter. It appears the Borrower will NOT have to make any contributions to the transaction. Chad
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.