Release From the VA
Question: Home loan started in 1987, loan assumed in 1997 by another family, I now want to reuse my VA funding but need a release of lien, how do I go about doing this?
Answer: What you seek is not a release of lien but a release from the VA so you are again eligible to make another VA loan. Your 1987 loan is still viable unless the family has paid off or refinanced the loan, or sold the property with new financing by the buyer. Since the loan is 20 years old, it might possibly be paid off. You can check the record for this, or perhaps even the family might tell you.
If the 1987 loan is fully paid, you will again be eligible for another VA loan. If not paid off, contact the VA and ask if they will release you of responsibility for this old loan so that you might qualify for a new VA mortgage. My earlier comments on releases concerned loans that were paid off and in need of release as a matter of record.
Answer: What you seek is not a release of lien but a release from the VA so you are again eligible to make another VA loan. Your 1987 loan is still viable unless the family has paid off or refinanced the loan, or sold the property with new financing by the buyer. Since the loan is 20 years old, it might possibly be paid off. You can check the record for this, or perhaps even the family might tell you.
If the 1987 loan is fully paid, you will again be eligible for another VA loan. If not paid off, contact the VA and ask if they will release you of responsibility for this old loan so that you might qualify for a new VA mortgage. My earlier comments on releases concerned loans that were paid off and in need of release as a matter of record.
posted by TalkingTitle at 11:43 AM
0 comments
