My seller missed the 12th payment on his VA loan due to a job transfer and medical hardship. We are trying to determine if he is now ineligible for a VA Compromise Sale if he defaulted before the first 12 months (FHA has this rule). And if he is ineligible could he find the money, make the payment and then be eligible again?
Any thoughts or shared experiences would be helpful.
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I don't see anywhere in their written Guidelines that would say he is ineligible.
http://www.vba.va.gov/ro/houston/lgy/compsale.html
http://www.benefits.va.gov/roanoke/RLC/forms/COMP-SALEProgramTraini...
I couldn't find any reference to such a rule either....just read the servicer quidelines and couldn't find anything. I will be working with USBank and just wanted to make sure no one has run into this before we make this Seller known to the powers that be. If it needs to be remedied I want to take care of it first.
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