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VA Compromise Sales

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

Members: 200
Latest Activity: on Tuesday

VA Compromise Short Sale Information

 

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** EFFECTIVE OCTOBER 2013 VA COMPROMISE SALES MUST NET 85.05% of APPRAISED VALUE ***

 

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Discussion Forum

VA Short Sale Appraisal Value Dispute

Started by Rose Beaverson. Last reply by Jason Sanseverino on Tuesday. 3 Replies

Borrower current

Started by Guerry Clegg. Last reply by Chad Gelsinger Jun 19. 2 Replies

Comment Wall

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Comment by Wendy Rulnick on April 14, 2019 at 7:22am

@Bill Garrett, Deficiency is waived, but entitlement portion attached to that property won't be available for another purchase unless paid back. The borrower military veteran can call the VA to find out how much remaining entitlement they have to plan for a future VA purchase.  I have had vets actually pay back their entitlement after short sale to get larger amount for next VA mortgage.

Comment by Bill Garrett on April 13, 2019 at 5:50am

Thanks, as always, Wendy.  I know you've handled a couple of these VA Compromise Sales.

I knew the impact on the remaining entitlement had always been this way, but I thought I might have missed some update that made the VA policy more like the USDA policy.

I just got a Wells Fargo VA approval that specifically retains deficiency rights.   I'll push back a bit more, now that I have Dr. Rulnick's info.   Thanks, again. Bill G.

Comment by Wendy Rulnick on April 12, 2019 at 3:23pm

@Bill Garrett, Deficiency is waived, but entitlement portion attached to that property won't be available for another purchase unless paid back. The borrower military veteran can call the VA to find out how much remaining entitlement they have to plan for a future VA purchase.  I have had vets actually pay back their entitlement after short sale to get larger amount for next VA mortgage.

Comment by Bill Garrett on April 12, 2019 at 2:51pm

Is current policy for  VA to waive the deficiency balance?   Thanks.

Comment by Brett Goldsmith on July 30, 2018 at 8:32am

@Wendy generally VA relocation incentive may be approved if you are exceeding the minimum NET, so theoretically you'd need to be $1,500 over the 84.05% NET of appraised value.

Comment by Wendy Rulnick on July 27, 2018 at 10:10am

Corinn - Awesome! Thank you! I was trying to find online where they extended the benefit. Smart move on your part!

Comment by Corinn on July 27, 2018 at 10:00am

I don't have an updated circular, but just closed one last month, and the sellers received the $1500 relocation incentive.  Lender was PHH.

PHH did not offer it, I put it on the HUD and it was approved.

Comment by Wendy Rulnick on July 27, 2018 at 9:55am

Does anyone have an update to this VA Circular for $1500 relocation credit https://www.benefits.va.gov/homeloans/documents/circulars/26_11_1.pdf

Comment by Brett Goldsmith on February 27, 2018 at 2:48pm

@Julissa = Here's an example. Appraisal for VA 100k. NET to 1st MTG 80,450 minimum after all closing costs. At times they will want more then this. They do not always accept the minimum. Also, they won't give relocation unless if they are exceeding minimum too.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Guerry Clegg on February 27, 2018 at 7:05am

68%20Lee%20Road%20962%20allowable%20costs.pdf

This is what I have received on the last several Chase VA short sales.

It makes no sense because VA is only concerned with the 84.05 percent net. In fact, I always thought that VA limited closing costs to 3 percent because that's what the negotiators said. Turns out that there's not even a 3 percent limit.

 

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