Forgotten Your Password?

Need to Register?

Question Icon

My father has a VA mortgage loan, my mom is not...what happens?

My mom is not on the loan, but is on the title. What happens to the home when he passes? by jecrof_420_720 from Minneapolis, Minnesota. Feb 19th 2013 Reply


Anthony Piccone (apiccone)
#97 ranked lender in New Jersey - 17 contributions

There are alot of situations whereby the surviving spouse will have the opportunity to either assume the VA loan in her name or refinance the property so that the mortgage is in her name. You need to contact the servicing lender and have your dad's original note and VA benefits reviewed to check to see if its assumable or if your mom has surviving VA benefit entitlement.

Feb 19th 2013
1
0
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Sorry. Here is the link: http://www.vba.va.gov/bln/dependents/Spouselgy.htm

Feb 19th 2013
1
0
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Good Morning! Here is a direct link to the VA Loan Guaranty Website where you can get direct information on this subject. You Mom would still be able to keep the mortgage and even use their IRRRL (refinance program) if refinancing to a lower rate option is available in the future, assuming the passing of your father takes place.

Feb 19th 2013
1
1

Thank You!!! That really helps :)

Feb 19th 2013
0
0

I just want to be clear...after reading up on the site...my father does not need to have died from a service related injury? That only applies to a spouse that wants to take advantage of the VA loan after their death.

Feb 19th 2013
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,747 contributions

If she is in title, she is an owner of the home. This gives her certain tights. Talk to a probate attorney. But generally speaking, the bank still might have had the option of whisking away the loan if you weren't on that note or house deed. However, it's typically bad business to do so because lenders don't need more distressed real estate on their books. In addition, if she have been current with the payments. Lenders in such cases will usually allow an assumption of the mortgage or at least allow you to refinance. But not always.

Feb 19th 2013
0
0
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Contact the servicer of your loan and/or the VA directly with any specific questions as the answers will be outside the scope of actual knowledge of this particular loan and the servicing requirements. Thank you!

Feb 19th 2013
0
0
David Kosmecki (David_Kosmecki)
#36 ranked lender in Minnesota - 258 contributions

When married only one spouse needs to have VA eligibility to obtain or refinace a current VA mortgage. If this doesn't answer your question, please ask further. In my 35 years in the industry has had me work with many VA borrowers and loan senarios. You can call me directly if you like at 763-519-1100.

Feb 19th 2013
0
0

Ok just for clarification....that means if my father were to pass, my mother would NOT have to leave their home? She is on the title, not the mortgage, but that should not matter...correct? I just worry as my father is 70 (in good health) but things happen, and they have NEVER even thought about these issues! I thank you for your reply, it helps!

Feb 19th 2013
0
0
David Kosmecki (David_Kosmecki)
#36 ranked lender in Minnesota - 258 contributions

Not likely they would forclose but to be sure, I would call the Eligibility Center's toll free number, which is 1-888-244-6711. I wouild ask them the question and if anything needs to be done know while your dad is still alive.Good luck!

Feb 19th 2013
0
0
Subscribe to our news feed.