Welcome to the Gallery – a place where you'll find hope and strength through the healing power of art and the universal reach of technology –
a place where you can
Connect, Create, and Thrive!
Interested in partnering with us?
Click here to find out how!
Displaying (1) Comments | Comment on this piece | Report objectionable art
By :RE: Thanks for that information. I agree VA loans shulod be done as a benefit for those who served, however I wonder about the default rate. During the last big downturn in real estate in the 1990s the VA had a program that allowed people to sell their home at a loss and the VA paid the difference to the bank. I don't know if that would fit the definition of short sell but they wrote it off and didn't report it on credit. I don't think they 1099ed the person either. I suspect they have the same program now. I doubt it ended on the books as a default but I bet that program cost the VA a bunch. Do you happen to know the FHA down requirement? I think it's about 3% isn't it?What you describe at the first part of that post is the nature of a VA guaranteed loan (or even a SBA loan or a loan that requires PMI). If there's a default, the bank gets fully or partially repaid, depending on the terms of the program.I'm a bit surprised that they wrote off the amount though. At one point they were trying to go after people in Washington after non-judicial foreclosures, claiming the anti-deficiency provisions of our law didn't apply to federal entities. The Ninth Circuit shut them down on that.The current FHA down is 3.5 percent. They changed that from three about a year and a half ago (from memory). Rate this comment: 0 0
By: | Aug 05, 2012 | Report Comment
figure_your_ground
margaretzabor
There are 36 pieces of art in this thread