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Cal Vet Short Sale Approvals – They do exist!

Published November 20, 2011 in Cal Vet Short Sale - 0 Comments

 

Cal Vet Short Sale Approvals – They do exist!

This is a milestone approval for me,as not only did I get Cal Vet to issue the approval I also secured the approval of the second lien which is held by Bank of America.
While getting two short sale approvals is not so rare it’s the fact that in this case the first lender is CAL-VET and they take a very hard line. NO SHORT SALES & forget even asking if there is a second lender involved.

After jumping through all the CAL-VET forms and BPO I was able with the sellers help to open up a clear channel to the person in charge at Cal Vet.It did not take long to get both lenders to approve this short sale (about two months),it was the estimated HUD closing statement that was a major issue with Cal-Vet. They did not want the closing statement to show any funds being paid to the second lien holder. Bank of America issued their approval with the condition that they be paid $6,000.00 at the close of escrow.
Cal-Vet would not pay any funds to Bank of America.It is their policy to never pay a cent to any junior lien holder.As hard as I tried they did not seem willing to budge on this point.

After losing the first buyer and going though many counters with the next buyer a solution was found.The second buyer was willing to bring the $6,000 needed to pay Bank of America to the table.Even with Cal-Vet off the hook for these extra funds they still did not even want to see the $6,000.00 from the buyer on the HUD closing statement. After much back and forth they agreed to allow it and issued the short sale approval.

All in all Cal-Vet was very responsive and good to work with. Cal-Vet approvals do exist.Below is proof.     

                                                                

 

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