VA Preforeclosure - Posted by joe

Posted by Bill_AL on September 27, 2003 at 15:08:42:

Sounds like you would be an excellent prospect to tune in to J.P. Vaughan’s Teleseminar on short sales.

VA Preforeclosure - Posted by joe

Posted by joe on September 26, 2003 at 15:05:21:

I have been referred a preforeclosure that will go to the Sheriff’s sale in four weeks. It has a VA mortgage with a balance of $85,000 but with arrearages a total of $111,000 is owed. The property is worth $150,000. I was told that the VA will only short 91% of the BPO, is this true? Also I think when someone takes a VA mortgage they don’t get the deed until the mortage is paid off so I couldn’t take the property subject to if this is the case. What I want to do is aquire the property than lease option it back to the present owner. If anyone knows or has suggestions on how I can work this deal I would appreciate it.

Re: VA Preforeclosure - Posted by Dennis

Posted by Dennis on October 05, 2003 at 20:37:58:

If the current owner can’t keep the property at 85,000 or refinance, I would be very nervous about leasing to them for a much higher price!