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

Columbus 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. http://columbusohshortsaleadvisors.com/

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 robin.lemmons@kingthompson.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 614-741-2495.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/

Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/

Thanks for reading this, Rick and Robin Lemmons.

Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com

A Zest For The Best

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

Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on Will I Owe A Deficiency On A Columbus Short Sale If I Have A VA Loan? is provided as a courtesy to our viewers to help them make informed decisions.