This form is for the situation where the seller is to apply for a release of liability from an assumed loan or reinstatement of VA entitlement.
Wyoming Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan
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Multi-State
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US-00472-A1
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How to fill out Addendum For Release Of Liability On Assumption Of FHA, VA Or Conventional Loan, Restoration Of Seller's Entitlement For VA Guaranteed Loan?
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FAQ
VA Loan Foreclosure Waiting Period Generally, Veterans must wait two years after a foreclosure event to reapply for a VA loan. This period is a mandatory cooling-off phase to ensure that the borrower has regained financial stability. While two years may sound like a long time, it's better than some alternatives.
If the purchaser(s) is creditworthy and assumes the liability to the lender and VA to the same extent that you did when you obtained the loan, you will be released from liability on the loan. To obtain a release from liability, you should check with the company to whom you make your payments before you sell your home.
Addendum for Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement. Description: This Addendum is used in conjunction with the Loan Assumption Addendum if the Seller wants to be released from future liability of the loan.
An FHA/VA financing addendum is attached to a purchase contract to state that a buyer with FHA/VA financing can back out of the sale if the appraised property value is less than the asking price.
Sell the property: Selling the property you bought with your current VA loan is the simplest way to restore your entitlement. However, you must also be able to repay the full amount of the loan in addition to selling your property.
How Foreclosure Affects VA Entitlement 25% of $726,200 (standard loan limit) = $181,550. $181,550 (basic + bonus entitlement) - $75,000 (lost entitlement) = $106,550 in remaining entitlement. $106,550 x 4 = $426,200.
Unfortunately, the only way to regain your entitlement after a short sale or foreclosure is to repay that lost entitlement to the VA in full. Some buyers will likely be better served putting that money into a down payment than repaying an entitlement charge.
The $36,000 isn't the total amount you can borrow. Instead, it means that if you default on a loan that's under $144,000, we guarantee to your lender that we'll pay them up to $36,000. For loans over $144,000, we guarantee to your lender that we'll pay up to 25% of the loan amount.
