Virginia MHA Request for Short Sale
Description
How to fill out MHA Request For Short Sale?
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FAQ
Which States Are Considered Non-Recourse States? There are currently 12 non-recourse states: Alaska, Arizona, California, Connecticut, Hawaii Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington.
VA loans can be used to purchase short sale properties as long as VA guidelines are met. Short sales are the result of a delinquent loan, and the borrower and mortgage servicer have agreed to sell the home at a discount to avoid foreclosure proceedings.
Borrowers who decide to apply for a new VA mortgage after the waiting period must apply to have their VA loan eligibility restored by filing a copy of VA Form 26-1880 to the Winston-Salem Eligibility Center. The VA will process the paperwork and let the lender and applicant know when restoration is official.
About Short Sale in Virginia In a short sale, the lender will accept a reduced amount before releasing their lien on your property for a short payoff. Short sales may be actually beneficial to you because you will be released from a house and loan that you are not likely going to be able to afford.
Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Virginia law, however, doesn't provide a post-sale redemption period after a nonjudicial foreclosure.
Most foreclosures in Virginia are nonjudicial, which means the lender doesn't have to go through state court to foreclose.
As long as you're still eligible for a VA loan and are able to qualify with a lender, there's no limit to how many of these mortgages you can take out over the course of your life. In fact, it's even possible to have more than one VA loan at the same time in certain circumstances.
The VA Compromise Sale Program, offered by the Department of Veterans Affairs, gives the borrower the option to sell their property to a buyer who gets his/her own financing or to a buyer who will take over their VA loan.
If you're planning to buy a short sale, you should talk to the listing agent. At the very least, before writing an offer, ask your agent to speak to the listing agent. You'll find different skill sets and education levels among real estate agents.
A short sale is sometimes denied due to something as simple as the seller being current on paying their mortgage. The bank's guidelines might state the bank isn't allowed to approve a short sale if the mortgage payments aren't in arrears.