Forgotten Your Password?

Need to Register?

Question Icon

Hi! How do you do a forclosure on a house that is through a va loan and is worth 50% less value.

by spiritlove1972113 from , North Dakota. Mar 1st 2015 Reply


so What I am wondering is how to sell and not owe anything for the remaining amount for the loan that is a ghost!!

Mar 1st 2015
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Your only option would be to do a short sale. This would require lender approval and if they agree to accepting less than what is owed, then typically you would not be responsible to pay any deficiency. You might want to check with a local real estate attorney as to whether or not you would be responsible for any deficiency once the property is sold.. Because it's a VA loan, then your entitlement will be reduced, and it's possible you might or might not be able to use VA in the future.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 2nd 2015
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Tough situation and if you do a short sale as mentioned by William not only may it be impossible to purchase home using VA again in the future, you may need to wait a minimum of 3 years to get another mortgage if you want to buy a home.

Mar 2nd 2015
0
0
Subscribe to our news feed.