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VA 'No Bids' an Issue For Katrina Servicers.(Brief article)
Washington -- Residential servicers are beginning to review their Veteran Administration-insured loans in the Gulf Coast states, calculating how many will end up as "no-bids" due to hurricane damage.
After factoring insurance payouts and Community Development Block Grant assistance, servicers realize it will not be enough to fill the hole. The Department of Veterans Affairs loan guarantee covers only 25% to 50% of the loan amount. When a loan goes into foreclosure, VA determines whether it will save money by paying the guarantee, or taking over the property and then selling it.
When the agency decides to pay off the guarantee, leaving the property with the servicer, it is called a "no-bid." Depending on the structural shape of the home, no-bids frequently wind up costing the servicer money. VA is required by law to apply a no-bid formula to every foreclosure and it does have "much flexibility," according to Keith Pedigo, director of the VA loan guarantee program.
"I think everyone understands that it is likely ...
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