Comment

Comment by Pam Graham on February 3, 2011 at 12:06pm

I have a listing that has two liens. The first lien is Wells Fargo and it's a VA loan and the 2nd is B of A. The seller is active military. This is my first VA loan short sale. The seller relocated many years ago due to the navy and have rented the house ever since. They have had many tenants who have not paid and have messed up the property and they just can't keep up any more. Based on the VA compromise guidelines Wendy posted, it doesn't sound like they can qualify based on that 2nd lien. Does that sound correct?

Comment by Wendy Rulnick on January 27, 2011 at 7:39am

Erich - I have a strange suspicion it is not VA.  I think you should ask them directly, Navy Federal.  I think it was a product that might have been similar.  Tell us more when you find out.

Comment by Jeff Payne on January 27, 2011 at 7:37am

Erich,  I don't believe that is a VA loan..... Navy Federal is a tough one to deal with because they are basically governed by their members.  I would try to get the prom note and the cash settlement negotiated down. Do you have the cash?  if your financials look good, you may not get around a contribution.  Did you not qualify for HAP benefits?

Comment by Wendy Rulnick on January 27, 2011 at 7:20am

Hmmm my comment disappeared.  Erich, are you sure you have a VA loan?

Comment by Justin Berry on January 19, 2011 at 7:42am

Thanks for the quick reply Wendy!

 

I'll give it a shot and keep this board posted on my progress. About a dozen are with Bank of America.  

Comment by Wendy Rulnick on January 19, 2011 at 7:12am

I've sold numerous vacant or renter-occupied VA compromise sales.

Comment by Wendy Rulnick on January 19, 2011 at 7:11am

Owner occupancy is not a requirement.

Comment by Justin Berry on January 19, 2011 at 7:09am

Got a quick question for you VA pros: Is owner occupancy a re requirement for VA Compromise sales? I have an investor with many VA short sale with the vast majority being rented. Are we out of luck? Thanks!

Comment by Kevin - Greenville, SC on January 13, 2011 at 5:35am

Nicole, I have, but have not received a response.

Comment by Nicole F on January 13, 2011 at 4:00am

Kevin, have you contacted your regional VA loan office? A VA loan tech can open up the file in their system and tell you what notes have been entered by both the VA and the servicer (Wells Fargo)

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