?Have You Considered Selling Your VA Loan Obtained Home
In some cases, it is better to your house and make back some money on the equity you've built than to keep the property. This is as true of those who have purchased their homes with a VA home loan as it is for those who used an FHA or other type of loan. Yet, there are some definite policy issues you should keep in mind if you intend to sell the property.
First, you need to understand that even if you sell the property you initially purchased using a VA loan you will still be liable for payment on that loan until you notify the proper authorities. The borrower is required to provide notification to either the Veterans Administration or to the lender of the sale. Then a request for a "release from liability" should be placed with the VA and the liability should then be transferred to the new owner.
One exception does exist to this policy. If the loan was closed prior to March 1, 1988, no notification will be needed. Nonetheless, you should still go ahead and get the "release from liability" from the local VA office to serve as evidence of the transfer of ownership.
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