|
Saint Paul Regional Office
Regional Loan Center
|
Frequently Asked Questions
What is a short sale or compromise sale?
- If the borrower is unable to sell his/her property for an amount greater than or equal to the current outstanding loan balance plus closing costs, VA may pay the difference to allow the sale to take place. Compromise sales are approved if the sales contract meets several criteria and results in a cost savings compared to a foreclosure.
|
Do I still get commission on a compromise sale?
- Yes, you can be paid a commission out of the proceeds as long as the sale meets the VA requirements.
Click here for more information on the compromise sale program and how to complete a VA compromise sale.
|
Where can I get a list of VA foreclosed properties?
- VA contracts the sale of these properties to a company called Ocwen. Click here to visit their website.
|
Can a property be sold during the foreclosure process or redemption period?
- Yes, the veteran has the right to sell his or her property at any time during the foreclosure process or if the state of the property has a redemption period, at any time during the redemption.
|
| Please click below for questions regarding the following topics:
|
| |
|
|
|
|
| Reviewed/Updated Date: July 22, 2008 |
|
