Updated over 8 years ago on . Most recent reply
Taking Over A VA Loan
Hello BP Family,
Hope all is well. I have a guy that is looking to unload his Florida condo ASAP. He owes about $200k on a VA loan with the condo worth about $280k (fixed up-it needs work) and he really only needs about $40k to keep him very happy. I am wondering if there is a clever way for me to buy it from him or take over payments? He is in assisted living right now that I paid for because he has no other family that is living so he is not going to get another loan. I really want to help this guy out! Can anyone give me any outside of the box guidance on this one? Can I exercise a Subject To? My wife and I are currently in between houses so we could claim to rent it in order to show the bank that he is relieved of the financial burden and I really do not want to use our credit right now b/c we have other properties we are looking at. Also I hate to bring it up but I have to...what happens if he passes?