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.