Posted by Ed Copp (OH) on February 16, 2001 at 14:23:14:
is fully guaranteed by the federal government (this means that the taxpayers will pick up the tab, and pay the lender 100%), so it is really stupid to even think about a short sale (the comment came from an attorney…never mind), I guess it would justify a legal fee.
The V.A loan is assumable if: you qualify, and if you are willing to bring ALL back payments and misc. fees up to date; and if you will sign “personally liable” releasing the seller from further liability.
The equity is approximately ZERO, what I call a phantom equity. Somebody thinks it is there, but after my expenses I will not be able to find it.
This seller is looking for someone to rescue her. I would walk away and just let her keep looking (just my opinion).