VA/Countrywide Short Sale (appraisal, insurance, claim, Realtor)

[JDS300]

I posted here a while back about a short sale being held by Countrywide. We are just over 60 days in and the appraisal has been completed and has been sent off to Countrywide and the VA for approval. I guess it was a VA loan on the house. I was under the impression that a VA loan was similar to a FHA and that it was just backed by the government, not an entity that has any authority over the loan.

So I'm wondering if perhaps the realtor was a little confused as to who it went to for approval or if it did goto both Countrywide and the VA, what has been other peoples timeframe for a response to the appraisal? Are we looking at another 30 days? Couple weeks?


Obviously every situation is different, so I'm just looking for others input.

[ColfaxTeri]

Was there a first and a second, maybe?
It can still be some time for a response, especially if dealing with 2 lenders. Countrywide has stated in the past it can take them almost 90 days or more total.
Good luck

[wankel7]

I waited over 100 days for a "yes" from CW.

[2bindenver]

CW is the servicer. VA Guarranteed the loan. As in provides insurance to the investor in case of loss to the investor.

[Debsi]

Dealing with the VA (any government agency?) can be sloooooooow as molasses.

I don't have any specific experience with getting VA to approve a short sale, sorry.

I am currently one week into trying to find out why they emailed me a notice that they were paying a claim I filed, gave the amount they are paying, and neglected to actually send my company the money.

Nobody seems to know where it is. Oy.

[sideshow bob]

Have you thought about doing a Loan Modification instead of a Short Sale? These guys can probably advise you better, but you might want to look into it prior to agreeing to a short sale. 888 259 8401 is their phone number. Does anyone else know if you can do a loan modification on a VA loan? I am not sure if you can one way or the other.