SHORT SALE
Anyone have any experience with a short sale involving Chase Mortgage with a VA Home Loan? Getting conflicting info. from each. I have a contract with a buyer, but Chase rep. is saying I don't have a contract until he says I have one. ????? :-?
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If you are seeking a VA compromised sale (mortgagee approved) you'll need the mortggaee's permission before you have a contingency free contract.
The rep at Chase is enjoying his "power seat" .... so, stroke his/her ego for best results.
I hv a similar situation with a va loan which requires a short sale. I undstd if I am successful in shorting then the VA will required the owner to sign a note for the deficiency? Is this true? Another other problems with a VA approved loan?
Thank you
The decision to have the mortgagee agree to an unsecured note representing the deficiency is probably the policy of the Lender, not the VA.
however, I'm not 100% certain. Things change. Vet's benefits are being eroded.... and perhaps it's a new requirement.
The VA will, however, suspend the veteran's benefits (not sure the extent, check with VARO) unless/until the VA is repaid the amount of the deficiency.