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Old 04-03-2013, 05:05 PM   #1
JBurke
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Divorce/VA loan

Not sure if this is the best place to post this and I wish I could find a divorce bulletin board as good as the DISBoards. (If anyone knows one, please let me know).
Anyway, my STBX and I have been married 23 years. He was in the military and we purchased our home using a VA loan. We refinanced last year with the VA.
He left me and we are divorcing. I have 3 children and would like to keep the family home. I have always worked and can afford the payments. However, he wants his VA loan rights back after the divorce.
I was just wondering if anyone out there knows what options I have? I can try and get a loan in just my name but I dont know if my credit would qualify me and I would hate to lose my good rate and 15 year mortgage.
I did some internet research and saw some articles on assuming a VA loan and releases of responsibilities that would let me assume the mortgage and give him the rights to get another VA loan in the future, but I cant tell is these articles are current or not.
If anyone has advice, please share as I have enough on my plate to worry about...
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Old 04-03-2013, 06:18 PM   #2
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You are going to have to get the mortgage in your name, so that is quite a pickle you are in.

If the VA allows you to put the mortgage in your name I would certainly fight for that tooth and nail.

Good Luck!
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Old 04-03-2013, 08:10 PM   #3
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I don't mean to hurt your feelings, am just being honest. If you cant get the loan in your own name, you will likely have to sell the home. You may want to start preparing your children (if they are old enough) for the posibility that you may have to move to a new home. Keep in mind that if you can't qualify for a loan in your own name, your home is really too expensive to consider staying in. Child support isnt something you can always count on and taking care of a home yourself can be hard. I know how difficult divorce is, I have been through it myself. Hugs to you and your kids.
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Old 04-03-2013, 08:11 PM   #4
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Check all my info before you act on it, I am in no way an expert on VA, just done a VA mortgage in the past. Actually for our next house it was cheaper not to use VA.

Is your mortgage a fairly new one? Meaning how much equity is there in the home? VA loans are really just a way around having to do private mortgage insurance. Most mortgages release you from having to pay pmi if you have enough equity in your home, so that could be an option for you.

You can keep the mortgage with the VA still on it, and change it to your name, but your stbx only has 1 VA benefit and if it's tied to your home loan then he can't use it again. A veteran can use their VA benefit numerous times, but only 1 active loan at a time.
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Old 04-03-2013, 08:18 PM   #5
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You just heard three confkicting opinions. Now you will hear a fourth.

Don't ask for legal advice on a message board. Talk to the VA and your lawyer.
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Old 04-04-2013, 07:29 AM   #6
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Unless your ex is agreeable to keep the loan as is you are going to have to refinance in your name only if you want to keep the house. Do YOU qualify for a VA mortgage? I don't know if spouses (or ex's) qualify. Just found this on the web:

There are basically two ways to assume a VA loan. First, the new buyer is a qualified Veteran who "Substitutes" their eligibility for the eligibility of the seller. In addition, the new buyer qualifies through VA standards for the mortgage payment. This is the safest way for a seller to allow their loan to be assumed because the new buyer is responsible for the loan and the seller is completely off the hook. In addition, the seller can then use their full eligibility to purchase another home right away using their VA loan.

If the new buyer is not a veteran or qualified for a VA loan, they have no eligibility to give the seller. Should the seller grant permission for the new buyer to take over their loan, the seller does not get back their eligibility to use on another home, and the seller is still on the hook for the payments should the buyer default.

Be very careful about offering your home with an assumable loan.
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