I need some help for a friend's son. He is in active military, bought a property with VA loan. Mobile Home and about an acre in Hinesville, GA. He has long been moved away, and will be seconded to Alaska shortly. Good mortgage payment history, not delinquent. Needs to sell, owes about $55,000, not sure the market value - some suggest it's around $35,000. He needs some counselling about his options. It's outside of my area, and I have not done VA SS before. Any short sale superstars in the area prepared to take this one on? I am not looking for a referral fee - just someone who is prepared to help.
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Greetings Theresa,
The bank may require of him to be 90 days delinquent to consider the SS depending on the servicer as well.
Is he for sure ready to do a SS and ruin his credit perhaps? My suggestion is to place the Mobile for rent with a Management Company and let them deal with renters. Also, let the market meanwhile pick-up and place in the market thereafter for sale. It sounds as it could be easily rented according to the UPB mentioned unless I 've missed some other big pieces of info. VA are not very complicated. The appraisals have different terms and VA admin take their sweet time to respond that's all.
VA does not require a borrower to be delinquent, they need a hardship. If the borrower was PCS'd, they most likely will qualify for a VA compromise sale.
@Angel, why would a short sale wreck his credit if he does not miss a payment?
Jeff you are correct. I forgot about that provision. He will qualify for all the benefits of Sailors act as an active military member. I've seen SS completed with current mortgagors while in BofA. He will need to contact the servicer for options.
In regards to your question Jeff, traditional short sales leave a very bad impression to the TRW (the major credit agencies) companies. On my own experience trying to apply for a mortgage loan three years after short selling needs lots of explanation of how and why happened. Now, a short sale closed in a current loan will be interesting for me to see about the credit rating afterwards.