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Loan modification on Vacant house

Posted by Janice MacMillan on July 21, 2011 at 9:37am in Short Sale Discussions
Had a client inform me today that they are at least 2 months behind in payments for a house they are not living in. She stated Cenlar has taken over her VA loan and are trying to help her out with a loan modification. Will they do this on a home they are not living in?

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Tags: Cenlar, Loans, VA, Vacant, houses
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Replies

  • Kimberley Kelly July 22, 2011 at 3:43am
    If you mean the Sellers are not being co-operative, I would let it go.  I INSIST my Sellers are very willing and pro-active in producing all the documents that I'll need.  A file can be slammed shut if docs aren't in by a given date and a lead-footed Seller can bomb the entire transaction..plus..if a Seller doesn't REALLY want a Short Sale, what're they doing listing it Short???  Pass...
  • Janice MacMillan July 21, 2011 at 11:59pm

    They have not lived in the house or in the state for several months. She was discharged from the military. I don't understand them doing a loan modification when they have been actively trying to sell it for over a year and have not intentions of moving back into it.

    I'm am not sure I want to attempt a short sale due the fact they have not been very cooperative since I took the lisitng on. I don't believe they will do what is needed in order to do a short sale.

  • Malcolm McLean July 21, 2011 at 1:13pm

    HAMP loan mods are for primary residences - only.

     

    Unless they state they are living there.

     

    Best

     

  • Wendy Rulnick July 21, 2011 at 11:11am
    Janice - I don't know why not. If it doesn't work, they can do a VA Compromise Sale.
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