Asked by Annie Smith, Oxnard Dunes, Oxnard, CA • Sun Jun 5, 2011
I am active duty and about to be laid off due to the war ending and people comeing home. I need to do a short sale on my condo since i wont be able to afford it soon. VA loan has up to $78,000 covered under that program before I am responsible to pay the difference between the short sale and what the bank gets. B of A told me that if it goes over $78,000 I have to pay it back. This is a purchase money loan. Don't i have the same rights as other people who don't have to pay theirs back? Why does a VA seller have to pay a short sale bank back?
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