VA Assumption of Mortgage and Release of Liability Form

Discussion in 'General Benefits' started by varesearchcenter, Feb 14, 2006.

  1. varesearchcenter

    varesearchcenter New Member

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    Many veterans and their families take advantage of the VA Home Loan Guarantee Program. This program allows veterans to purchase a home with no down payment and a portion of the mortgage is guaranteed by the VA which makes it easier for veterans buy property. However, many veterans at some point in time want to sell their homes and choose to allow the buyer to assume their mortgage. In these cases the veteran should be familiar with the VA Assumption of Mortgage and Release of Liability Form.

    When a veteran opts to allow the buyer of their home to assume the current mortgage, the Assumption of Mortgage and Release of Liability Form protects the veteran and restores their entitlement in the VA Home Loan Guarantee Program. If the veteran does not require this form during the assumption of their mortgage then they will not be able to use the VA Home Loan Guarantee Program again until the new owners of the home pay off their assumed mortgage.

    The Assumption of Mortgage and Release of Liability Form requires the veteran homeowner to supply the following information:

    * The VA Loan Number. If you aren’t sure what your VA Loan Number is you should contact your mortgage company. This is required by the VA so that they know which loan is being assumed.
    * The seller’s name, mailing address, social security number, home phone number, work phone number, and the address of the property which has the VA Home Loan Guarantee on it. This is required so that the VA can cross reference and verify information on the guaranteed loan.
    * The buyer’s name and address.
    * The sale transaction status. This is the stage of the current sale. Is the property sold already with the deed in the new owner’s name? Is the property still in the original veteran’s name and a purchase price is determined for the sale? Is there a contract for the home sale?
    * In the case the home is already sold or a purchase price has been agreed upon, what is the amount of the purchase price? The VA needs to make sure that the purchase price is high enough to cover the existing mortgage.
    * The name and address of the current mortgage loan lender.
    * The balance owed on the mortgage.
    * The monthly mortgage payment amount.
    * Any other liens that are on the property.

    After the veteran has all of this information on the Assumption of Mortgage and Release of Liability Form they can sign the form and send it to the VA. It is important for veterans to remember that the seller must agree to accept all liability for the property in order for the buyer to be released from liability. This means that the buyer should have the Assumption of Mortgage and Release of Liability Form processed by the VA and in place before the final sale of the home. Otherwise the buyer could decide to leave the liability on the seller which would tie up their entitlement in the VA Home Loan Guarantee Program.
  2. TinCanMan

    TinCanMan Active Member

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    I can't imagine this is a major problem. Your present mortgage company has in all likelyhood been asked to provide a payoff price and knows the loan is being refinanced. Your new lender is probably the source of the delay and shouldn't be a problem. Loans don't always go according to plan, no one is lying, just the way things are. Sometimes a loan falls thru.
  3. TinCanMan

    TinCanMan Active Member

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    Find out all the costs to make a loan. Each lender will be different. Intrest rate, Points, etc. Then find all the fees and expenses such as Loan Origination fee, Escrow Fee, Tax Stamps, Courier fee, Septic Inspection fee, Pest Inspection fee, Title Insurance, Notary Fee, Recording fees, etc. Ask them for a list of fees and other expenses related to the loan and to the purchase of the house.
  4. TinCanMan

    TinCanMan Active Member

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    OK, this is all beginning to look like the same person posting under different accounts and a setup and lead in to a sales pitch. Easy enough to examine IP addresses, eh? If you attempt to make a pitch, it is most likely your accounts will be deleted and the posts will disappear. Your call.

    Just so everyone is on the same playing field here, no veteran needs the services of any third party to assist in any way for obtaining a VA guaranteed loan.

    Any qualified lender has access to "ACE' (the VA Automated Certificate of Eligibility) and can obtain a COE for you. You can also go to the VA Home Loan Guarantee Services Center website here: http://www.homeloans.va.gov/elig1.htm

    There is no need for any veteran to use a third party in obtaining a VA loan. Any advertising of such services is not for the veterans best intrest.
  5. TinCanMan

    TinCanMan Active Member

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    Having bought and sold a dozen homes and rentals, I've never once obtained a mortgage from the bank I keep savings at. For mortgages I look to anyone offering the least expensive loan. Least expensive does not mean the cheapest rate. Consider points, fees and other add on expenses. Usually your credit union or building and loan organizations offer the best deals. Ask each candidate what and how much all those fees are. Every lender is different.
  6. slapyo

    slapyo Administrator Staff Member

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    Cleaned up the spam.
  7. Hoi An

    Hoi An New Member

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    My question is, whether it's better to try to deal with Cal-Vet/Va directly for a first home loan, where underwriting exceptions will be necessary, or to use a qualified loan broker? Has anybody had experience with this?
  8. Hoi An

    Hoi An New Member

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    I feel your burn TinCanMan. Still, in this case the pitcher is being informative. What he didn't say is many of these "assumptions" are really a refi by the vet, where the new lender "assumes" the VA loan in some kind of "wrap around" deal. Complex and many vet's don't understand it, possibly illegal.
  9. abc160561b1

    abc160561b1 Member

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  10. abc160561b1

    abc160561b1 Member

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