Tuesday, June 19, 2012

How Do I Evidence That My Property Was Previously Secured on a VA Loan

By Anna Assad

Proving a property was originally covered by a loan backed by the U.S. Department of Veterans Affairs is useful for various reasons, including establishing current VA loan eligibility and refinancing. The VA guarantees payment of home loans for eligible veterans and their families, making the loan less risky to the lender. Your original loan note shows the VA as the guarantor, and you can contact the lender, the land records clerk in the county where the property is located, or the VA for help if you cannot find the note.

Visit the land records department in the property's county for a certified copy of the mortgage. Go to the county clerk or recorder's office. Give the clerk the borrower's name, the property address, the original amount of the mortgage and the filed date. Estimate the file date if you do not know for sure. Ask for a certified copy once the clerk finds the mortgage.

Contact the lender if you cannot find the mortgage. Ask the lender if a copy of the note is available. Request a signed letter covering the mortgage information. Ask the lender to include a statement indicating the loan was a VA mortgage.

Contact the VA benefits department at 800-827-1000 if you can't locate the mortgage. Speak to a representative from the home loan guaranty program. Select Option "2" from the main menu and Option "2" again from the benefits menu to reach a home loan representative. Ask the representative to check the loan records for the mortgage. Give her the borrower's name and the full property address. Ask for a written statement showing the loan was a VA mortgage.


http://www.lenderva.com

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