We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days.
The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”, you might say.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA insures VA lenders against loss, provided they follow their guidelines.
VA is able to make an “educated bet” that they can issue these guarantees because they have laid out rules to control the lending and loan servicing environment. When the company servicing the loan doesn’t follow VA’s guidelines, it is no longer an “educated bet.”
Most short sales that get turned down and foreclosed upon sell for less as a foreclosure. That means VA loses even more money.
I can tell you from experience as a Gainesville Short Sale Realtor that the 60 day turn around means that VA loses a lot more short sales to foreclosure.
But no one really cares because it almost a victimless crime. At least the victims don't care. The employees at VA don't get hurt because it's not their money.
The US Taxpayer already knows the government wastes money. The victim ends up being American's Veterans who don't have as much money in the VA Loan Program to use to buy a house.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
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Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Loan Servicer doesn’t follow VA Short Sale guidelines on a short sale of a VA Loan is provided as a courtesy to our viewers to help them make informed decisions.
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