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Veterans News
Merely selling his G! home does not relieve the veteran of his liability to the Veterans Administration, William J. Powers, manager of the Roanoke VA regional office, pointed out today.
Too ofen, he said, veterans who have sold their GI homes learn later that the buyer has defaulted on the loan, the mortgage has been foreclosed, a deficiency resulted and they are liable to VA for payment of the claim VA had to pay the lender.
Vetereans should understand this thoroghly when disposing of their GI homes, Powers said.
The veteran may be released of that liability, to the Veterans Administration if the veteran’s loan is current and if the purchaser has obligated himself by contract to purchase the veteran’s property and assume the liability.
In addition, the purchaser must satisfy the Veterans Administration that he is a good credit risk.
Powers said a veteran planning to sell his GI home may take either of two steps to avoid future liablity. (1) He can arrange for the GI loan to be paid in full. (2) He can allow the purchaser to assume his GI loan and obtain a release of his liablity on the loan from the holder of the mortgage and the Veterans Administration, provided, of course, both agree.
He may apply 'to Veterans Administration for a release from liability bysubmitting a writtened request addressed to the manager of the Veterans Administration regional office which processed the loan.
The request should include the Veterans Administration loan number if known (it is shown on the reverse of the certificate of eligibility), the address of the property, the name and address of the proposed purchaser, and the name
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