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VA St. Petersburg RLC Bulletins 26-07-04, 26-07-05,26-07-06, 26-07-08 |
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Monday, 26 March 2007 |
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The VA St. Petersburg Regional Loan Center has released four (4) new Information Bulletins.
Information Bulletin 26-07-04 "Allowable Foreclosure Expenses for Computation of Claims under Guaranty for Florida, Alabama and Mississippi".
Effective March 16, 2007, this bulletin explains the allowable foreclosure expenses used by the St. Petersburg RLC to compute a holder's claim under guaranty and the servicers responsibility to ensure correct reimbursement.
The following items will be included in the claim under guaranty.
a) Insurance premiums advanced prior to the sale date or cutoff date
b) High risk insurance (prorated to the sale or cutoff date).
c) Advances for taxes (if property is conveyed to the VA)
d) Tax advances for properties not conveyed to VA (if paid prior to the sale date or cutoff date).
The following items will be excluded in the claim under guaranty.
a) Premiums advanced after the sale or cutoff date
Information Bulletin 26-07-05 "Maximum Charges for Expenses in the Liquidation of VA Guaranteed Loans for Puerto Rico and the U.S. Virgin Islands".
This Bulletin provides guidance regarding the required documents that should be submitted along with the claim form and describing what are claimable and non-claimable items. In addition, the bulletin provides the maximum allowable foreclosure attorney, attorney bankruptcy, bankruptcy court filing fees, inspection allowables along with guidance concerning all liquidation expenses.
Information Bulletin 26-07-06 "Expenses for Property Inspections and Preservation for Puerto Rico and the U.S. Virgin Islands" and Information Bulletin 26-07-07 "Expenses for Property Inspections and Preservation for Florida, Alabama and Mississippi".
These two Bulletins provide the allowable fees for property inspections and property preservation in the States of Florida, Alabama and Mississippi and the territories of Puerto Rico and the U.S. Virgin Islands.
Included are the following changes
Bulletin 26-07-06 specifies that locks are to be installed on unsecure garages, sheds and outbuildings.
Bulletin 26-07-07 also specifies that locks are to be installed on unsecure garages, sheds and outbuildings. The allowable cost to patch a roof has been increased from $300 to $500. An allowable of $20 per square has been established to cover the roof. The method of securing and the square footage affected must be reported to VA.
To view the Information Bulletins in their entirety please click on the following links.
Information Bulletin 26-07-04
Information Bulletin 26-07-05
Information Bulletin 26-07-06
Information Bulletin 26-07-07
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