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Posted: 1/2/2006 9:26:27 AM EDT
[Last Edit: 1/2/2006 9:27:19 AM EDT by Dace]
My dad had a VA loan on a house about 7 years ago. Well they decided to move and an Indian guy offered him a large cash sum to take over his payments. The loan is still under my Dads name and in essence the guy is just sending in a check on my dads behalf each month. My dad said he had the distinct impression the guy could not get a loan the normal way, the realtor said he had been looking to take over payments and not use a normal loan.

Anyways, my dad could really use the VA loan again but right now its tied up in this other guys mortgage. Is there any way to force the guy to get a different loan? My Dad said he signed some paperwork, but he would like to get his VA loan back so he can use it for another home.

Thanks for any help.
Link Posted: 1/2/2006 10:21:36 AM EDT
VA loans cannot be assumed without prior approval of the VA. I hope your dad has a copy of the written approval. If not he may have some difficulties getting his VA loan privilages back.
Link Posted: 1/2/2006 10:35:58 AM EDT
Hmmm...

Well, your dad could refi the "Indian House" with a conventional loan, and then he could re-use his VA benefit on a new dwelling.

Otherwise, he may be up a creek if he wants to get a new VA loan.

Link Posted: 1/2/2006 10:44:02 AM EDT

Originally Posted By TRW:
VA loans cannot be assumed without prior approval of the VA. I hope your dad has a copy of the written approval. If not he may have some difficulties getting his VA loan privilages back.



I'm assuming that what he did as he said they filled out all the proper paperwork.
Link Posted: 1/2/2006 10:53:47 AM EDT
Okay thanks for the help.
Link Posted: 1/3/2006 8:14:21 PM EDT
Best thing is for him to check with the VA.
Link Posted: 1/3/2006 8:35:36 PM EDT
If the loan is still in your dads name then I would think the house is too, it doesn't sound like a binding contract. I know someone who "took over payments" on a car a "friend" had who had lost her job. Even though they essentially paid for the car it was still owned by the person who's name was on the loan. The person who made the payments had no legal right to the car.
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