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Diana Said:

My dad is applying for a VA loan, He is older and if something were to happen to him, Va Loan says i can't?

We Answered:

I don't think that the lender of the VA loan your father is applying for care who pays off the mortgage loan if something happen to him.

He would not be here, if the family wanted to keep his house someone would have to pay it off.

You should check with your mortgage loan officer for a clarification of that statement.

If something does, you would have to go to probate court unless he make a family trust naming you as the executor of his estate. He could do the same thing with a will, but a family trust is better as a trust would prevent you from going through probate.

Now is something was to happen to your father who would the VA expect to pay off the mortgage loan?

Your father might purchase a mortgage life insurance that would pay off his mortgage if something happens to him. There are several companies that do this so shop around for the best deal for you and your father.

Your credit would not be a factor in your father getting a VA mortgage loan as only his wife would be able to be on the mortgage with him. Va does not allow go-signers or borrowers unless they are the spouse.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Natalie Said:

How long does the VA take to process Life Insurance Claims?

We Answered:

http://www.insurance.va.gov

Byron Said:

Can I add a second person to a deed if I have a current mortgage on it.?

We Answered:

I don't see how that would help you or your mother. But I would have some local real estate lawyer look at your state laws and your situation and I would tell the lawyer why I want to do this.

Real Estate laws are by state. And some title problems are particular to your home and situation.

Title insurance protects you from clouds on your title before you purchased the property. I don't think it would protect your mother but maybe so- check with the local lawyer.

Miguel Said:

VA funding fee...can I claim it on my taxes? Doesn't show up on 1098...?

We Answered:

From What I read at the irs.gov website the answer is yes as it should be listed in your 1098 form mine is and it had the full va funding fee amount that i paid 3500 we bought a home in 09