If I own a piece of property outright and intend to get a VA loan to build a house, what would happen to the landif that home loan was foreclosed on?
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If I own a piece of property outright and intend to get a VA loan to build a house, what would happen to the landif that home loan was foreclosed on?
Asked on November 8, 2011 under Real Estate Law, Maine
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. If you obtained a loan where the security for the loan was the land that you intended to build a home upon it and you failed to make the monthly mortgage payments resulting in a foreclosure proceeding on the security (the land), and if the foreclosure goes forward, you would end up losing all legal title to the land and any structure built upon it.
I suggest that you be very careful in applying for the loan and building the home you desire in order to make your monthly payments. Good luck.
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