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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
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I currently rent a home, and the landlord no longer wants to

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I currently rent a home, and the landlord no longer wants to own the house and wants to give it up to me... But he does not fully own it himself yet either, he has a va loan for the house. How can I go about taking this off his hands
Submitted: 10 months ago.
Category: Legal
Expert:  LegalKnowledge replied 10 months ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good evening. I certainly understand the situation and your concern. Based upon what you stated above, he has two options. The first is to sell you the home for what is owed on the loan. If he does not want it and there is equity in it, it could be a great situation for you, to buy it for less then what it is worth. You would need to obtain a mortgage and could start speaking with a lender or broker, tomorrow. The second option is for him to see if the lender would allow you to step in and assume the loan but that may be hard, since it is a VA loan. Of course, the landlord needs to make sure that there are no restrictions on his loan, so he should read the terms of the note and mortgage, as soon as possible. The major issue for the landlord is to be relived on the note ( obligation to pay each month), so the loan either needs to be satisfied through you buying it or assumed, if the lender would allow.

Any VA loan closed after March 1, 1988 and offered on the market later on as a loan assumption purchase requires the buyer-the person assuming the VA mortgage--to have their qualifications reviewed and approved by either the lender, OR the Department of Veterans Affairs.

In addition to the "approval rule", when the loan is successfully assumed on a VA loan closed after March 1, 1988, the veteran must contact the VA and request a release from liability on the assumed loan. Otherwise, the original borrower risks becoming liable to the government should the new owner of the home default on the assumed loan.

There is no approval process required for any VA loan originated prior to March 1 1988, and the seller is not required to contact the VA for a release of liability on the loan when the loan is older than 1 March 1988. Even so, Department of Veterans Affairs officials say when it comes to loan assumption procedures, it's a very good idea to contact the VA for a release of liability regardless of when the loan was originated.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 15946
Experience: 7+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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