Posted by NJDave on January 26, 2000 at 14:56:11:
I’ve facilitated several VA Compromised Sales ranging from a 10% reduction from amount owed, to 50% of amount owed. Though the Servicer might not be motivated to spend staff time on a VA Compromised Sale, the VA would be interested in loss mitigation.
VA insured forclosure - Posted by Stu
Posted by Stu on January 26, 2000 at 12:15:58:
If a property is insured by the veterans admin. when it goes to public auction is there a chance to purchase the property there. The property we have been watching for a long time has a mortgage that is well over the properties assesed value. Does the bank just bid the full amount because they will be reimbursed by the veteran’s or will they sell at market value or a reasonable amount?? Or should we wait until after the auction and submit an offer to the bank. Again would they even entertain an offer if it is a VA insured loan? We are not looking for an investment but to buy as a permanent home at a good price.
VA Guaranteed - FHA Insured - Posted by Jim Kennedy - Houston, TX
Posted by Jim Kennedy - Houston, TX on January 26, 2000 at 19:57:24:
In addition to the responses you have already received, I want to point out that the VA does not ?insure? loans, they ?guarantee? loans. FHA loans are insured, VA loans are guaranteed. It is a fairly minor distinction since the end result is pretty much the same.
Best of Success!!
Jim Kennedy,
Houston, TX
Re: VA insured forclosure - Posted by Mark (SDCA)
Posted by Mark (SDCA) on January 26, 2000 at 14:47:55:
I think you will need to wait until VA lists and markets this home. The bank won’t deal. Why would they?? VA is guaranteeing their money. And after the auction VA will end up with the home (eventually). They may try to market it at the high price and then slowly come down. That is their MO.
Cheers,
Mark