I want to know about Va Foreclosure Properties

Edwards Finance > Foreclosure

Q. I am currently working on a deal right now with a VA loan. The seller says that he is willing to accept a loss on the property. But because the loan is VA backed how do I go about doing this deal?? This is my first one, as you might can tell. Do VA loans pay for the 20% of the property if the loan defaults?? I talked with the loan person from the bank and they don't do short sales. What do you guys think I should do now??

A. A VA guaranteed mortgage is a no-loser for the bank so they don't need to take a loss by doing a short sale. VA will cover the mortgage amount if the loan goes to foreclosure and the bank will be off the hook. VA, as a government agency, sells acquired properties as VA REOs through it's own regional offices and registered brokers throughout the U.S. and doesn't deal directly with purchasers on individual properties except through those channels Sounds like you've got a willing seller without a willing lender. I'd pass on this one, thank the seller for his time, and concentrate on the next deal. This one doesn't have legs

Ask Edwards a Finance Question

Other Questions:

Can you tell me about Va Foreclosure List?

I served 6 years in the US Army, but nobody will accept my VA loan to buy a house here in Chic- ago. Suburban real estate companies say that the VA loan is no problem. I think that I am a victim of a scam? (And any other veterans that are...

I belive that the banks are conspiring to raise rates; but for the purpose of fattening the profit margin on loans (esp charge cards). , once again, you're assuming there's only one bank. How can a thousand banks individually conspire to raise...

I would like to refinance my home equity loan. I am currently paying 8.6 percent but I can refinance it with the same bank for 6.35. That is still a bit higher then what i want. I understand that a 2nd lien on the home has a higher percent but ...

I am behind with my mortgage, need advise how to save my home?Some possible ways: - Talk to your lender - you may be able to work out a plan to become current again and avoid foreclosure. This is especially true if you have a...

3 years and 6 months ago my (small $80,000) house was in Foreclosure because of being laid off work, but I only owed $7500 dollars (the banks Numbers ! But That was what I figured too.) so I borrowed 5000 from my best friend, and sold a car for...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects