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Updated 12 months ago,
Distressed landlord with VA mortgage
Hi,
I am trying to find a best win-win for a distressed landlord who owes about $300k on their house through a VA loan. I want to be sure the options I present are protecting them and myself.
My understanding is that most VA loans do not carry a "due on sale" clause, so the options I am considering to start were to do a mortgage transfer, or have the owner seller finance.
I am curious, if we go the seller finance route, what are the possible implications or options for the owner’s preexisting loan?
I appreciate any input! Thank you!
Amanda