We expect you to consider all loss mitigation options before referring to a loan for foreclosure. In case you put a foreclosure sale on hold and later decide to complete a compromise sale, bear in mind that the interest beyond the maximum timeframe will not be allowed to you. Such …Read More »
In regards to the short sales and deeds-in-lieu of foreclosure, if verbal financials are reviewed with the mortgagor and a surplus is showing is the file then to be returned to retention for review since retaining the property is the first option? The file is not required to go back …Read More »
No, it is not required to have a denied offer prior considering a deed-in-lieu.Read More »
As long as you continue paying the premiums, your VGLI Coverage can be kept for the duration of your lifetime.Read More »
I have notified OSGLI and VA in writing that I do not want coverage for my spouse. Do I need to do anything more?
Yes, form SGLV-8286A must be completed and a copy must be given to your personnel officer.Read More »
Can the executor of the estate bypass retention options and complete a liquidation option? If so, what is the required documentation?
Yes, the executor of the estate can do so and the requirement is to document case notes indicating that the executor does not wish any home retention options to be considered.Read More »
Premiums for spousal coverage under SGLI are not deducted from the pay of unmarried policy holders. Deductions will be made based on information contained in DEERS and included in your personnel and payroll files. If your records indicate that you are not married, the premium will not be deducted for …Read More »
A beneficiary is not allowed to assign or transfer VGLI proceeds to another person. At the same time, VGLI proceeds cannot be subjected to claims of creditors of the insured or their beneficiaryRead More »
I have a property that is in a mixed-use neighborhood that is zoned C-1. Since home and businesses are mixed in the area and the appraiser comments on this, can we do a home loan on the property?
Since the remaining economic life is a controlling factor, zoning is less of an issue. As long as the appraiser considers the property to have a remaining economic life of at least 30 years, before the change to commercial has touched the point that the highest as well as the …Read More »
Your declination of spousal coverage will not be effective until the first day of the month following your declination. Premiums that were deducted prior to the effective date will not be refunded. For example, if you submit Form SGLV 8286A on March 13, 2009, the declination does not go into …Read More »