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VA Foreclosure Homes

Question: If I short sale on a VA home loan and the VA covers the rest of the payoff will it effect my credit?

I can not sell my house for my asking price the market is just to slow now if I short sale my house I will probably have a better chance of unloading it

The house is currently under a VA Home Loan which guarantees the lender if I fault they will recover 36,000 k in loses on top of whatever they sell it at a sheriffs sell

Now I know a short sell dings your credit like a foreclosure however my question is if I short sell and the VA covers the rest of the pay off amount (which they will and do I called and asked) will I still take a short sell credit hit because the lender is getting the full paid off amount?

Trust me I have asked the lender and the VA and my real estate agent and I have yet to get a defiant answer

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Answer: First of all, you can not do a short sale unless the mortgage holder agrees to it. The VA home loan only covers you if you were to '"default" and go into foreclosure. Then the VA would cover some of the loss. If you wish to sell your property, but the net proceeds from the sale won’t pay off your loan and you can’t afford to pay the shortage, the VA may allow you to sell your home without paying the entire amount due. You’ll need to complete a Financial Analysis Form and send the VA a letter requesting a short sale.
They (the VA) would also start taking deductions of any VA comp you are receiving if you are getting disability benefits if they have to actually pay anything to the mortgage company.

Your best bet is to get another veteran to buy the house, is your VA mortgage assumable (some Realtors forget to have that included in the deed.)

The effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a foreclosure in redemption status, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

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VA Foreclosures In Florida

If you have been unable to keep making your regular monthly mortgage payments then you may have eventually ended up having to face the foreclosure of your home. In certain cases you may yet be able to fight this and win but in the majority of cases it may simply be too late. If you have recently faced foreclosure or suspect that you might be doing soon then it is worth learning about what to expect next.

One thing that is very likely to happen is that there will be a court hearing that you need to attend. If for whatever reason you do not turn up at this hearing then it is very unlikely that the judge will rule in your favor and give you a chance of still being able to save your home.

Even when you do attend the court hearing and explain your situation to the judge it doesn't guarantee you will have any success. The bottom line is that you broke the agreement to keep current with your mortgage payments over the years. By breaking this agreement foreclosure is an inevitable outcome and the judge may not be able to help you as you would have liked.

Once the court hearing has taken place the next step is that somebody will auction the deeds to your home. At this stage you will also be told that you need to pack everything up and move out of your home. If you refuse to leave then the police could get involved to remove you from the property. You won't be able to do anything about this situation since the property is no longer legally yours.

At this stage you have no more legal rights to the property since they will now have been transferred back to the mortgage company that you took the loan out from. You can usually expect the entire foreclosure proceedings to last for a period of around 3 months. This means that if you are potentially at risk of foreclosure then you need to act before that time runs out.

If you leave things too long and let the proceedings start then it could well be too late and you will not be able to do anything about it. Don't just sit back and let your home be taken from you. Make sure that you stay on top of things at all times to have the best chance of never having to go through this awful experience.

About the Author:

To find out how to stop foreclosure now check out http://www.stopbankforeclosurenow.org

Article Source: ArticlesBase.com - What Happens Once the Foreclosure of Your Home Has Taken Place?

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VA Foreclosure List

Buying Foreclosure homes is a wise investment decision but what features to look for while finding foreclosure listings to suit one’s requirement?

The foreclosure listings you choose must be updated daily should be accurate and well researched. The online foreclosure listings site must also provide you information to become a wise investor.

Main features to look for while choosing foreclosure listing services are:
•    The website listings must be user friendly and easily navigable.
•    There should be a trial period to check the listings so that one can check some listings for authenticity and later on upon surety of services take full subscription depending upon requirement.
•    The website should provide all types of listings including bank foreclosures, government foreclosures, REO, Real Estate Foreclosure Auctions, VA foreclosure homes,  Distressed foreclosure properties, pre-foreclosures and for sale by owner properties.
•    The foreclosure listings website must have an easy search facility on the basis of State, County, City, zip code and budget range.
•    The listings should be comprehensive with data updated daily after thorough research throughout the country.
•    They should also provide 24/7 customer care service in case of any query.
•    They must have professional staff with experience in Real Estate and foreclosures.
•    Must provide photograph of property, if available along with contact details.
•    Current Price, Address, Contact Information of person in charge of property should be available.
•    Area of the property should be clearly mentioned.
•    Must information on various glossary terms and laws of foreclosures.

The foreclosure listings website with all or most of the above features will be an ideal choice and it is always beneficial to subscribe to such a listing service rather than wasting time to get few listings from other sources. Always choose a listings service which educates you to become a better and wiser investor by giving you informative e-books and articles.

About the Author:

Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures. Her commitment to help people is reflected in her writing. For more details please visit Foreclosure Listings.

Article Source: ArticlesBase.com - Foreclosure listings websites – Features to look for while making a choice

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