Help With Va Loan Short Sale

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Help With VA Loan Short Sale


Apartment Listing  

If you are in acute financial distress and cannot continue to make the monthly payments on your VA home loan, then a short sale is probably your best option.

A short sale is a situation wherein upon selling his house the homeowner is unable to procure the full amount he owes on his loan.The VA carefully considers the payments made by them in the event of either a short sale or a foreclosure (a situation where the owners walk away from the house since they cannot afford the monthly payments any longer). Since a short sale usually costs less, in most cases, the VA would agree to go through with the compromise sale.

The process of a short sale begins with a VA-appraisal of the house. If there is no possibility of a sale that can repay the entire amount owed, including the closing costs, then the VA steps in and offers to pay a ‘compromise claim’ consisting of the difference in the two amounts. This allows the private sale to go through. The borrower can sell the house either to a buyer who has his own loan, or to one that agrees to assume the present loan.

The lender does not have to be included in the process of a short sale. However the lender must agree to a reduction in the guarantee payable by the VA. This amount reduced will be equal to the amount dealt out in short sale claims by the VA.

Thus, the VA makes the whole process of the short sale easy for the lender, with the cooperation of the borrower.

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Help With Va Loan Short Sale

 
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How-Do-I-Apply-For-A-Va-Loan      Once you have found out that you are eligible for a VA loan, there are six main steps you need to follow as part of the application process for a VA loan. The steps are mentioned below. More..



 
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Help With Va Loan Short Sale