need help with a VA LOAN short sale?

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I have a VA loan, my mortgage is 170K upside down and my bank suggested a short sale,,,How does short sales works with va loans?
Thanks.

10 Comments
  1. Reply
    Brooke
    April 29, 2011 at 11:41 pm

    VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country.

    http://www.worldbestloans.com/homeloans.htm

    No prepayment penalties and long amortization terms are another advantage of these loans. Houses provided under VA housing loan programs are duly inspected at the time of construction and require a warranty from the builder.

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  8. Reply
    amphi331
    April 30, 2011 at 3:11 am

    Very simple, like any other short sale. Hire a Realtor(R) who has proven short sale experience, preferably prior experience working in a loss mitigation department at a bank negotiating short sales. Your Realtor(R) should list your property at or slightly below market value to generate an offer from a potential buyer. Since you are looking to have the bank accept the offer, do not be too concerned with what the house sells for. Do not do any repairs or any staging of the home, sell as-is. Once you have an offer, make sure that the agent submits all necessary paperwork to the bank in a timely manner to get the short sale reviewed, they will require a whole list of items, IF ONE ITEM IS MISSING (SUCH AS THE HUD-1) then the bank is likely to quickly reject the short sale for missing documents, so be thorough and send everything with your loan number on it. You’ll usually need to send: Financial Statement, Hardship Letter, Paystubs (2 most recent), Bank Statements (last 3 months), Tax Returns (last 2 years), Buyer’s Purchase Contract, Buyer Proof of Funds or Pre-Approval letter, Hud-1 with estimated net to bank payoff, Lien Release agreements from any other lien holders, and comparable listings of your property to justify the offer. Once the bank has all these documents, they will likely order a Broker Price Opinion or Appraisal of your property, and it will take a couple weeks turn around for the bank to get this and fully review. Short sales take time to get approved, especially in a distressed market with so many other short sales being submitted, do not be surprised if your short sale will take 2 months or more to get approved, patience of buyers and sellers is a must for these deals, but in the end the home is bought at a bargain in most cases. With a VA loan the approval could be delayed due to requiring VA approval as well. Be sure your settlement/short sale agreement releases you from any deficiency balance. In 2 years according to Fannie Mae guidelines you should be eligible for a new home loan again, 5 years if you let it go to foreclosure. Follow up by pulling your credit and making sure that the short sale was reported correctly to your credit.

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