Legal Question in Credit and Debt Law in Texas

Regarding default on VA loan
My ex husband and I purchased a home thru a VA loan on him 7 years ago. The house is in both names. We divorced this year and I got this house, he got another that we purchased 2 years ago. We each signed a deed relinquishing our rights to the house we were not residing in and accepting responsiblity for the one we were. I cannot afford this home solely on my income and have not been able to sell it. If I have no choice but to let this house foreclose, how will it affect me? I know the VA guarantees his part of the loan, but who is responsible for the remainder of it? Would the VA auction the house and collect the balance of the mortgage (if any) plus any additional fees from him, me, or both of us?

Asked on 10/19/05, 11:29 am

Peter Bradie Bradie, Bradie & Bradie

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Re: Regarding default on VA loan

Can't say what the VA will ultimately do, but they can look to either or both of you to make good on any deficiency.

Answered on 10/19/05, 11:59 am

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