VA Compromise Sales

Comment

Comment by Susan Burg on December 13, 2009 at 8:38pm

Thank you, Wendy.

Comment by Wendy Rulnick on December 12, 2009 at 11:39am

Susan, VA Offer in Compromise or "Compromise Sale" is really the VA's term for a veteran's short sale. The process is similar to any short sale. The buyer's servicing lender handles the processing for the VA. The appraisal on the Veteran's home is a VA appraisal. After completion of offer in compromise, the Veteran may not use the amount of the loss from his VA guarantee until or unless he repays it. You can go to the VA website for more information. Reference text box above.

Comment by Susan Burg on December 11, 2009 at 6:48pm

Can someone please explain this to me. I work with Vets in California and don't know about this problem or program since most of my vets are buyers. I have dedicated a part of my business to vets and would like to know more. Thank you for your help. Oh, Sue Burg, Phoenix Rising,RES at Keller Williams, South Bay. Nice to meet all of you.

Comment by Wendy Rulnick on October 13, 2009 at 9:18am

Hi Don - CONGRATS on your approval so quickly with the beheamoth company. I have a VA compromise sale with PHH now and the VA has refused to help my sellers. He has personally called them at least twice. They said there is nothing they can do. We are SEVEN MONTHS in!! PHH is phhathetic!

Comment by Don Duft on October 12, 2009 at 10:31pm

VA Compromise sale approved by PHH - 97 days after submission on June 24th. I must note that we had considerable assistanec from teh VA Roanoke office who was able to get them to move along when they would not even return my calls or emails. If you have a VA Compromise sale you NEED a VA Advocate to work the case with you - especially with PHH Mortgage. We go to settlement on 10/26/2009. Only minor cvhanges in Seller concession to make it work to the Investors net. It did not get 1st level review until late July - then to the lead Negoiator on 8/5 for a Quality review - then to the investor for review and finally to an internal committee. If you have a deal with PHH you just have to stay on top of them all the time as they do not volunteer proigress. PS - The Seller also had Senator Webb weighing in weekly for updates from teh VA Roanoke.

Comment by Wendy Rulnick on September 15, 2009 at 4:50pm

I have a seller facing FORECLOSURE While we have had a short sale offer in to Mortgage Service Center for six months now- since March 20, The offer was countered, the HUD was changed a month ago. They say the file is still pending to be assigned to a "specialist for final review."

Comment by Don Duft on September 7, 2009 at 3:30pm

PHH/Mortgage Service Center
Fax is 856.917.2848 - last fax number they told me.
Loss Mitigation Dept Call Ctr 800.750.2518

My VA Compromise deal has been at teh Investor for review and approval for over 2 weeks. Never had this before. Usually Negoiator has known what the net the investor needed and could approve on that basis.

Comment by Wendy Rulnick on August 26, 2009 at 2:12pm

Don or someone? Anyone have PHH contact info?

Comment by Wendy Rulnick on August 1, 2009 at 9:27am

Don - Thank you for the feedback and Great TIPS on getting the VA Regional Office involved! I may definitely refer back to this, as I have many VA Compromise Sales around Eglin AFB and Hurlburt Field!

Comment by Don Duft on August 1, 2009 at 8:35am

By the way your comments last session on labeling the documents paid me big dividends this week. The VA Roanoke office engaged management at PHH Mortgage to get a VA Compromise Sale moving. The Negotiator said he had ONLY the “Hardship Letter” which only came to them in a complete packet that I sent on June 23rd and their mail room accepted on June 24th. Well we finally got his email – I labeled all documents by adding a footer in Adobe Standard version to every document and page. Being a former Government worker I keep copies of ALL documents in PDF format so it was easy. I then emailed them to the VA contact and the PHH contact assigned the case. VA turned around and sent them to him again. The long and short is he assigned it for an Appraisal yesterday and the appraiser is coming tomorrow. It also helped that the HO had engaged Senator Webb who cannot help with the lender BUT he can lean on VA management. The VA contact told my Seller that she was impressed with my packet that I had to send by 3 emails due to size – that anyone could follow the document and put the pieces back together. I used organized tabs for enclosures and the footer labels.

I went from Monday being told by the PHH Mortgage Service Center call center that they never gave out the number or email address of the negotiator to now getting a couple of emails a day on status from him.

I would suggest anyone who has a VA Compromise sale establish a solid helpful contact in the loan section of their regional VA office. Our contact has been great and I intend to send her boss a letter of appreciation in the end.

Again thanks for the tip and adding footers to PDF documents is SOOOO much easier than labels – for me! Anyone needing to add Adobe tools to add footers and enter text should go to softwaresurplus.com where you can buy Adobe Standard for $139.95 or Adobe 9 PRO for $149.95 versus Adobes price of $299 & $499. I recommend you splurge the extra $10. I was initially looking for an upgrade to Adobe 6 Standard but at this price why upgrade when I could move to a more powerful platform for just a small price.

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