Posted by Michael Morrongiello on October 31, 2001 at 11:47:00:
Yes, you can attempt to have your “entity” ; the Trust FORMALLY assume this Non qualifying VA loan and its future repayment liability.
I took over an older low interest rate Non qualifying VA loan years ago using one of my corporations as the entity that assumed the indebteness.You will have to provide the lender with a Tax ID # or some other means of identifying the entity that will take over the loan.
You should have your title company request a formal “assumption package” from the lender and then see exactly what information the forms require to be filled in.
If the property sellers wish to be removed from liability then there is also a specific “release of liability form” that must be provided to the lender as well.
To your success,