I sold the property I obtained using my prior VA refinance loan on an assumption. Can I get my eligibility restored to use for a new loan?
In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA refinance loan. Q: My prior VA refinance loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA refinance loan but I am told that my used eligibility can not be restored. Why? Or, Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why? A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the
Related Questions
- I have sold the property obtained from my first AB home loan to an assumer. Why is it that I can’t get a AB Certificate of eligibility for purchasing a new home?
- I sold the property that I attained with my prior VA home loan on assumption. What is keeping my entitlement from being restored to purchase a new home?
- I sold the property I obtained using my prior VA refinance loan on an assumption. Can I get my eligibility restored to use for a new loan?
