Comment

Comment by Wendy Rulnick on December 9, 2010 at 11:25am

Julie - They can take a little longer than Equator. I believe BOFA allows almost two calendar months to assign the file to a VA specialist. After that, it's pretty quick. Also, they don't always abide by the "late" requirement.

Comment by Julie Cendejas on December 9, 2010 at 10:52am

Anyone have any insight to how quickly (or slowly) a VA 'short sale' with one lien and BofA is the servicer goes?

I know I can't do it in Equator. I have already faxed in the LOA - however now I am just awaiting an offer.

Once I have an offer - any advice as to getting a VA person involved from the get go as I've read here? He is definitly past his 61 days of being late also.

Thanks!

Comment by Wendy Rulnick on December 9, 2010 at 3:12am

Kevin - I would have NEVER thought of that!

Comment by Kevin - Greenville, SC on December 8, 2010 at 7:34pm

postponed by having the homeowner re-apply for a loan mod.

Comment by Kevin - Greenville, SC on November 24, 2010 at 7:01am

Has anyone had any success getting a Wells Fargo VA Loan foreclosure postponed without an offer?

Thanks.

Comment by Nicole F on November 18, 2010 at 11:16am

Sylvia- our bank is standing firm with the min net requirement at 88% of VA appraised value. But--I think it depends on the numbers. We owe 127k, appraisal came in at 85k which means net requirement is $74,800. With this net, even after VA pays our max claim of 36k, our bank will still lose $16,200. If we were not so far under water I think the bank might have been willing to take less than the 88%. This is where knowing the VA appraisal value is important. The VA Servicer loss mitigation program guide (SLMP) states that a servicer may accept an offer to net less than the 88%, but the extra loss is on them. Check out the SLMP guide here: www.vba.va.gov/ro/roanoke/rlc/forms/SLMPGuide.pdf You might also want to look up the VA Loan servicer guide (rev. Jul 2009) to better understand VA's loan servicing guidelines http://www.benefits.va.gov/homeloans/docs/va_servicer_guide.pdf

Comment by Nicole F on November 18, 2010 at 10:58am

Kevin- I have made friends with a VA Loan Technician at our regional loan center (St. Petersburg) who has proved to be extremely helpful to our case- we are selling our home in Lynn Haven, Florida due to military PCS move. Though the bank would not release a copy of the VA appraisal, Sammy (VA loan tech) mailed it to me. He has also gone out of his way to get in contact with our servicer (US Bank) by calling and emailing them at least once weekly. I strongly suggest that you get in contact with a VA Loan tech at your regional loan center. You can find the contact info here: http://www.benefits.va.gov/homeloans/rlcweb.asp

Comment by Sylvia Noble on November 18, 2010 at 6:41am

Greetings!
Q: is the required 88% net of the VA appraisal set in stone or has anyone ever closed a VA Compromise sale where the net is less than the 88%? If so, at how much lower was it accepted?

Comment by Wendy Rulnick on November 17, 2010 at 4:20pm

Kevin - They dont release the appraisal, and only order it after contract.

Comment by Kevin - Greenville, SC on November 17, 2010 at 3:28pm

Do VA compromise sale guidelines require the appraisal be given to the borrower as they are in an FHA pre-foreclosure sale?

Thanks, Kevin

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