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Bidding on a va foreclosure Form: What You Should Know
If a VA loan secures a foreclosure, and a loan service acquires the property, the loan service has three options: A. Transfer the property to VA for the VA loan's debt amount. VA may also accept cash from VA for the foreclosure sale proceeds at the seller's request. B. Sell the property and retain a portion of all foreclosure costs. VA may keep a portion of the sale proceeds to help pay VA loan principal and interest and other mortgage loan servicing fees. C. Transfer the property back to the VA loan service for the sale price minus mortgage loan servicing and other mortgage loan servicing fees. In a sale under option C, VA takes its loan in and the loan service retains a portion of the foreclosure costs. Under option A, both the VA loan service and seller may take possession of the home and the lender collects any foreclosure costs incurred. Both options would result in a VA loan being repaid to VA over a 3-year period, and VA receives a profit of 30% of the sale proceeds. To obtain a VA mortgage loan, VA must use a loan originator to perform a loan preparation service and a loan service to perform foreclosure services. A loan service and loan originator are an agent of the federal government, and both provide VA loan origination and repayment services. A loan service originates VA loans for the VA agency. Loan originators are private individuals who specialize in performing VA loan originations and are not associated with any single mortgage originator. A loan originator receives payment for foreclosure services from their agency's loan holder. The payment for these services is based on the loan service's net income, or in other words the loan service's profits. When a VA mortgage is originated by a loan service, the loan service acts as an attorney, agent, and/or custodian of the loan and holds the title to the foreclosed property in order to execute and/or service the VA loan. Borrowers must maintain current title throughout the legal process. The only way to make sure the loan remains current is to maintain title insurance that protects your security interest. The title insurance will cost approximately 100 per year. Title insurance protects the loan holder from liability when they are not able to sell or refinish the property.
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