VA Compromise Sales

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

Members: 197
Latest Activity: Feb 27

VA Compromise Short Sale Information


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Discussion Forum

VA relocation assistance extended beyond Dec 2016?

Started by Deb Clark-Wyles. Last reply by Brett Goldsmith Aug 3, 2017. 2 Replies

VA Minimum Net is 84.05%

Started by Allan Robinson Aug 10, 2016. 0 Replies

Comment Wall


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Comment by Bill Garrett on September 14, 2016 at 12:51pm

Wendy:  Thanks, as always, for the quick and reliable info.  Appreciated.

Comment by Wendy Rulnick on September 14, 2016 at 12:39pm

Bill - VA says they cap, but in reality, if the net to the VA is within limits, they have allowed the excess to pay the junior lien.  I have not seen a requirement from the VA for the junior to forgive, Kevin Lancaster?

Comment by Bill Garrett on September 14, 2016 at 6:40am

JUNIOR LIEN PAYMENTS____________ Two Questions:  _____ (1) Does VA cap what is allowed to a 2nd mortgage?  ______ (2) Does VA require the 2nd mortgage to forgive the balance of the loan?   ______ Thanks.

Comment by Wendy Rulnick on April 14, 2016 at 5:55am

Congratulations, Guerry!

Comment by Guerry Clegg on April 13, 2016 at 9:01pm

Update: We closed and they allowed $8,358 in buyer CC.

Comment by Guerry Clegg on February 19, 2016 at 6:27am

I still don't have approval, but it looks promising. Here's what VA said, followed by Chase's response. I left out the VA regs bc they are too long and they only deal with getting an extension on the appraisal:


Hey Guerry,

Below is the regulations in regards to loan termination, which includes (foreclosure, short sales or dil). It has no mention of closing costs, as VA does not have any requirements in place. I was 99% confident we didn’t have any requirements but because I can’t provide anything in writing I asked my Team Lead just for verification and he confirmed we have no requirements what so ever at time of short sale other than the net value being met. There isn’t even a hard 3% rule, that would also be coming from the lenders side and might be standard across the board but again even that is not a VA regulation. Please let me know what Chase says and I will be sure to reach out to them if you continue to have issues.


Hi Guerry, Please provide full name and number of the person you spoke to over the phone at VA. My manager will talk to them. If they want to proceed with it, we don't have a problem but we need to get an approval from them. Please provide the name and number. Thanks

Comment by Wendy Rulnick on February 19, 2016 at 6:19am

Guerry - That is very strange if she did!  Let us know the outcome!

Comment by Guerry Clegg on February 18, 2016 at 1:33pm

I think she is getting it confused with FHA allowable costs. I talked to the person at VA who is assigned to our file and he said VA just cares about the 85.05 pct net. He said it might be a Chase policy but does not know why they would care as long as their guaranty is protected.

Comment by Wendy Rulnick on February 18, 2016 at 12:51pm

Guerry - I find that odd!  Have your borrower call the VA directly and find out how that is possible, since the net is met. 

Comment by Wendy Rulnick on February 18, 2016 at 12:50pm

Deb- Thank you for that info.  Did they tell you you could not challenge the current appraisal?


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