InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Workings of VA's Loan Guarantee Posted by Ward-CA- on November 25, 2003 at 8:51 AM In Reply to: VA Loan Guarantee posted by SeanW on November 24, 2003 at 6:44 PM : Anyone know when a foreclosing lender can collect it's VA loan guarantee? : For example. : Suppose a loan that's $80,000 in default goes to sale in June for $70,000. The bank sells it REO in August and collects a net $74,000 after closing. : Would the lender collect $10000 in June, or $6000 in August? : I'm basically curious whether there's any advantage to a lender, to sell a VA-backed house quickly. If they have to wait until the house is ultimately disposed of, then that would be an incentive to deal (when an investor comes calling after a trustee sale...) ================= Sean, The VA lender generally will deed any property they receive title to at its foreclosure sale (for want of any outside bidders) to HUD for the full amount of what the lender is owed. Then HUD will ultimately resell or dispose of the property via its resale distribution process. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Anyone know when a foreclosing lender can collect it's VA loan guarantee? : : For example. : : Suppose a loan that's $80,000 in default goes to sale in June for $70,000. The bank sells it REO in August and collects a net $74,000 after closing. : : Would the lender collect $10000 in June, or $6000 in August? : : I'm basically curious whether there's any advantage to a lender, to sell a VA-backed house quickly. If they have to wait until the house is ultimately disposed of, then that would be an incentive to deal (when an investor comes calling after a trustee sale...) : ================= : Sean, : The VA lender generally will deed any property they receive title to at its foreclosure sale (for want of any outside bidders) to HUD for the full amount of what the lender is owed. : Then HUD will ultimately resell or dispose of the property via its resale distribution process. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455