Posted by David Alexander on July 02, 2001 at 24:40:52:
buy VA’s on a Land Contract as they dont view it a sale, according to their regulations.
I still prefer to buy subject to in a trust… but that’s me.
David Alexander
VA Pre-Foreclosure. To Help or not to Help? - Posted by Art (Arlington,Tx)
Posted by Art (Arlington,Tx) on June 30, 2001 at 14:42:30:
Desperate seller 7 months behind on 7% VA loan, $156,000 owing after late fees, etc. I think I could help them out by getting the deed subj.-to, selling to Tenant/Buyer on L/O for $10,000 down & just getting $200-$300/month cash flow… (The house is only 3 years old, but needs painting, carpet, fence, etc…It looks like it is 15 years old.) VA said they would hold off on foreclosure, if seller is in the process of selling the house. What will the VA do, if the seller gets current & rents out the house with lease/option?
If we send a check to get the payments current, will the VA accept it & cancel foreclosure? Can they keep the money & still foreclose? Any words of wisdom?
Art
Re: VA Pre-Foreclosure. To Help or not to Help? - Posted by Ronald * Starr
Posted by Ronald * Starr on July 01, 2001 at 11:10:46:
Art (Arlington, TX)-----------------
If this is three years old, there is probably no equity in the property. The VA loans are assumable with approval. You need to check the market value.
I don’t know if the lender will call the loan when the borrow deeds over, probably. You may have to do one of those sneaky land trust deals without telling the lender what is going on.
Good InvestingRon Starr
Re: VA Pre-Foreclosure. To Help or not to Help? - Posted by dewCO
Posted by dewCO on June 30, 2001 at 20:32:01:
Yes, they can keep the money and foreclose. Either the owner or you, with a written authorization from the owner, nees to find that out from VA before sending in money. Don’t know about VA exactly, but I wouldn’t tell them the owner is planning to move and LO, just that owner wants to make up back payments and reinstate the loan. Then keep it current. The up front $$ will be depedent on it’s current FMV. Don’t know if $10k is too much to shoot for or not.
Re: VA Pre-Foreclosure. To Help or not to Help? - Posted by AdamFL
Posted by AdamFL on June 30, 2001 at 18:26:01:
Art,
What makes you think you can get $10K as an option deposit from a buyer on this place? You’re assuming around 7%, which is a bit high. I’d plan on more like 3-5%. All of this presumes that you do the repairs and can sell it – more $$.
AdamFL