When a VA loan has been properly assumed, a veteran has a right to a release of liability upon meeting all of the following requirements except loan must be currently paid. property must be sold to another veteran. purchaser must be qualified to buy. purchaser must agree to assume the loan.

When a VA loan has been properly assumed, a veteran has a right to a release of liability upon meeting all of the following requirements except loan must be currently paid. property must be sold to another veteran. purchaser must be qualified to buy. purchaser must agree to assume the loan.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 15MCQ

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

When a VA loan has been properly assumed, a veteran has a right to a release of liability upon meeting all of the following requirements except

loan must be currently paid.

property must be sold to another veteran.

purchaser must be qualified to buy.

purchaser must agree to assume the loan.

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