VA Contact Number.
Does anyone have a contact number for the VA, I have a client that is in preforeclosure we are attempting a short sale but we need the VA to stop the foreclosure on the 03/07/2006.
Does anyone have a contact number for the VA, I have a client that is in preforeclosure we are attempting a short sale but we need the VA to stop the foreclosure on the 03/07/2006.
Thanks, I will contact the regional office. Will the VA allow me to submit in behalf of the homweowner or would the homeowner have to contact them?
Plus, is there a national number from the VA that can be used?
Not every foreclosure situation indicates short sale feasibility.
You can always offer to buy the mortgage at a discount....
To purchase the mortgage via an assignment (at a discount or not) would result in you owning a piece of paper and becoming a mortgagee. (This is especially useful when trying to short an FHA insured mortgage loan with a hefty second.)
A preforeclosure short sale is a transaction that results in a change of ownership of real estate, a passing of title from a seller to a buyer of real estate.
A mortgagee must agree to accept less than due to facilitate a preforeclosure short sale....
Sounds to me that you may need to go over the head of the person you are speaking with right now. Lenders do not want to own property especially when they are in third position. They have nothing to gain from buying it at sale as it may sell for all the liens except for their lien and they expendiate that much money to try and recouperate a third lien balance that I assume is not that much. Then have holding costs and sell with a realtor, probably will lose money. Sounds to me again you are speaking with the wrong person.
I bought a townhome in MN preforclosure on a short sale. The company discounted the mortgage 20%. Are they taking a hit or do they make a claim w/ the mortgage insurance? How does that mortgage insurance really work? Thanks.