va loan on a disabled veteran handicap constructed home! I applied thru chase for a modification since refi is a no with the home value gone down in michigan! I’ve waited since april till tomorrow> sept 1 to find out I have a ginnie mae and they work not with the obama modifcation government plan.SOOO turned down ! Recent kidney war related transplant has lowered income with added expenses along with wife becoming disabled which when working was part of the loan finacials soo with her change in income also I could benefit greatly with a moification! WHATS UP with the ginnie mae not being on board?? Dave (more…)

I am a broker listing a house for the personal representative of the estate of a deceased veteren. This will be a short sale.

Talked with the servicer (Midland) and they won’t pay the $1,500 for a trash out and a clean up. We need to go to market and this would help us get the highest and best offers – the estate has no money what so ever. The pr is willing to do this only so things can be settled – she will get nothing for doing this.

The bank said they absolutly would not cover this even if it’s part of the HUD (closing statement). I’m frustrated – I’m trying to get them the most money and they won’t even agree to this basic need. Any ideas appreciated. 

It’s VA insured but doesn’t the bank only get about $60,000 entitlement from the VA?

Fred (more…)

I can not afford to pay my mortgage an retire in 6 year on my pension.  I have an V A loan, with Citimortgage of Citigroup. 

If I stop paying and notify them that I can afford the payment.  What could happen, credit wise can I repair it. Or could judgement against me or wage bank account or ect. 

What the least and most that could happen and how to deal with it. 

John (more…)

The Department of Veterans Affairs Short Sale is called a ‘Compromise Sale’.  Below are the requirements for the VA Compromise Sale Program.

If the borrower is unable to sell his/her property for an amount greater than or equal to the current outstanding loan balance plus closing costs, VA may pay the difference to allow the sale to take place. Compromise sales are approved if the sales contract meets several criteria and results in a cost savings compared to a foreclosure.
 
Below are a few factors that must be considered:

• The property must be sold for fair market value.
• The closing costs must be reasonable and customary.
• The compromise sale must be less costly for the government than foreclosure.
• There must be financial hardship on the part of the seller.
• There must be no other liens, second mortgages, or judgments, unless the amount is insignificant. In situations with other liens, the seller can request that the lien holder consider releasing the lien and converting the loan to a personal loan.
• The seller must obtain a sales contract in order to be considered for the program. To protect the seller’s interest, the seller should make the sales contract contingent to the approval of VA.

Once it is determined that a homeowner may qualify for a VA compromise sale, you should contact the veterans lender and/or the VA. A majority of lenders have Loss Mitigation Departments that are authorized by VA to process VA compromise sales.

VA Servicer Loss Mitigation Program

I am trying to clean some stuff off of credit report for VA home loan.  I looked at sheet from transunion which loan officer requested we pay off to get a loan with them.  Problem is that some of the entries have no name to whom we should pay to get the balance to zero.  Also there are a couple still there that were on a previous bankrupcy.  Any way we might need some help to get information so we can deal with them to pay them off.

Stevan (more…)

I have been in a chpater 13 for over a year with good payments. I have researched getting a VA loan and a FHA loan. I am a veteran. I have been told several different things. Yes on VA. No on Va. Yes on FHA. No on FHA. Yes on FHA if it’s 75% paid off. What is the real deal in today’s mortgage world? The siutation that cuased the chapter 13 is 100% better. If I could have waited 6 more months… .

Albert (more…)