Twitter Counter

Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A VA Loan?

Northeast OH – Another common type of loan that does not usually have a deficiency is a VA loan.

But, how do you determine whether or not you have an VA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

On your original mortgage, 1-4 pages past the signature page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.”

That is a VA loan. The picture above is from a VA mortgage. The page for the VA mortgage was 2 pages below the original signature page of the mortgage.

The pages between this and the signature page had the notary’s signature and the legal description. You can get a copy of your mortgage from the public records in your county.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you.

A VA Short Sale is called a “Compromise Sale.” According to those guidelines, they will give a complete release if a seller participates in the short sale program, and there was no “fraud, misrepresentation, or bad faith” on the part of the homeowner.

The bad news is that you will not be eligible for another VA loan until you repay the VA for their loss. So you may not be able to get a VA loan in the future. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

Leave a Reply

 

 

 

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>