Call: (661)310-8215
Valley Short Sale Expert
Lauren Nemeschansky
Remax of Santa Clarita short sale
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Short sale approval letter for Veteran’s VA loan

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This is a short sale approval letter for a VA loan for a veteran client who had purchased a home at the peak market price and then had a job transfer out of state and could only sell for less than she and her husband owed.

Types of short sale programs available for veterans;

There are several different short sale programs for veterans. One such program is the Compromise Sale program offered by the Department of Veterans Affairs. In this program the government pays a “compromise claim” for the difference between what the veteran owes on the loan and closing costs and what the house sold for.

The veteran must have a financial hardship

Among the situations that are considered hardships is:

  • Veteran seller is required to relocate, Veteran seller had a decrease in income making it difficult to make the mortgage payments, veteran owner had a major medical expense or expenses, death of a principal wage earner, spouse or family member.
  • If there is a second lien or second mortgage on the home that lien holder must be willing to release the lien also. This would be negotiated separately by the Veteran’s short sale Realtor.
  • The loan must have been guaranteed by the VA to be qualified under the compromise program.
  • The shortage of the loan must not exceed the Va’s maximum guaranty amount.
  • The lender who holds the note for the veteran’s loan must be a participant in the compromise program.

If the veteran homeowner does not qualify under the compromise program or the lender is not a participant they can still very possibly qualify for a different type of short sale program, HAFA or traditional.

In this approval letter situation the veteran owner met all of the necessary requirements but the lender was not a participant in the compromise nor in the HAFA program but we were able to get the short sale approved and their mortgage obligations released under a traditional short sale approval agreement with the lender.

Difference and similarity of a VA short sale compared to a “standard” short sale

The paperwork was similar to any other short sale but had to be approved by both the lender and the VA administration. The Veterans Administration sent a VA certified appraiser to appraise the home prior to granting us the short sale approval, the wait for the results of that approval took about two months but otherwise the short sale was simple to attain.

The owners of the home may be able to repurchase with a VA loan in only 12 months

The owner will be allowed to purchase another home using her VA loan in as little as one year. The rules regarding waiting periods to repurchase a home after a short sale with a VA loan varies by situation and can change. However, I was already quoted, one year waiting period after a short sale caused by a job relocation by a reputable VA lender.

If you have a VA loan and would like information about your loan modification and short sale options and the different types of programs that are available for veterans and families of veterans please contact me.

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Contact Information

ReMAX of Santa Clarita
Valley Short Sale Expert
25101 The Old Road #232
Santa Clarita, Ca 91381

Phone: 661-310-8215
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About Lauren

REmax real estate agent
Lauren Nemeschansky is a REMAX
Real Estate agent serving
all of Santa Clarita,
Valencia, Stevenson Ranch,
Saugus, Canyon Country,
Newhall and Castaic.
San Fernando Valley and Los Angeles
HAFA short Sale Expert
CDPE certified real estate agent
M.S. Degree from California State University, Northridge
Real Estate License DRE#0172935:

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Short Sale Realtor Serving: Santa Clarita, Valencia, Stevenson Ranch, Saugus, Canyon Country, Castaic, Newhall
Copyright © 2013 All Rights Reserved. Valley Short Sale Expert, Lauren Nemeschansky
Lauren Nemeschansky is a Licensed REMAX Real Estate Agent DRE#0172935       Google
All information provided is deemed reliable but not necessarily accurate, neither Lauren Nemeschansky nor REMAX of Valencia shall be held liable for any inaccuracies or results thereof. This website and the information provided herein is for general educational purposes and is not meant to provide solutions for debt or mortgage problems or substitute for the counsel of a professional. Distressed homeowners are recommended to seek the advice of an attorney and tax professional. All rights to the content of this website are reserved and shall not be sold, duplicated, used or published in any manner without the express and written permission of Lauren Nemeschansky