Doing a Short Sale for a VA Loan (Veteran Administration) What is required?

VA does not require the paperwork prior to the time a contract is accepted on the property. However it does have requirements for doing a short sale:

The property must be sold for market value.

The closing costs must be reasonable and customary; Mortgage normally does not pay for buyer closing costs.

The short sale must be less costly for the government than foreclosure.

There must be a financial hardship on the part of the seller.

If the loan was originated on or before December 31, 1989, the lender must be willing to write of any debt above the max guaranty.

There must be no second liens or other liens (unless the amount is insignificant)

In situations where there are second liens or other liens, the seller can request that the lien holder consider releasing the lien and converting the loan to a personal loan.

For more information, please contact me directly. Stella Barbour 703-999-6104

Stella Barbour

Principal Broker

1483 Chain Bridge Road Suite 103 McLean, Virginia 22101-5703 571-814-3002 OFFICE 703-999-6104 CELL 571-281-2866 FAX stella@novabrokersllc.com http://www.novabrokersllc.com/ Need short sale help:  https://www.needshortsale.com/

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