Newspapers / The Kings Mountain Herald … / June 11, 1964, edition 1 / Page 16
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Vi Questions And Answers Listed Fw GTs Who've Bought-Sold Home J. D. D**Rhitu'S, Manager of (he North Carolina Veterans Admin istration Regional Office, said to day too mtny veterans sell their GI homes and then learn they are still liable to the Government for any obligation uue on the original mortgage. To clarify tix situation. DeRa mus said, th" V'A has prepared a series of qiest.ons and answers which covers this and similar points, and which it hopes will aid GI homo owners who eon tom , plate the sale o: their G1 homes ; The questions and answers fo! | low: y Vha' at* pg should a voter an. planning to .sell his GI home take to a Vo * *uture liability? A He can i j see met his GI loan is pain ir lull, either by tii» purchaser pay*! g full cash or b; obtaining his tun loan or *b* al low the pt'r. h.*ser to assume the Gi loan at tne same time obtain T«lephon« T«IK >T r. B. HOUCK CONGRATULATIONS GRADUATES. CLASS OF 1964. As you stand upon the threshold of a new experience in your life, we at Southern Bell ex tend to you our heartiest congratulations upon your past achievements, knowing that much hard work has accompanied your endeavors. • * * THE TELEPHONE BUSI NESS INVOLVES MORE THAN TELEPHONES! Ter mites, for instance. Telephone poles have to be specially treated with preservative. Left untreated, termites would make a meal of them and poles would have to be re placed much sooner. Special treatment makes them last years longer. This is another way the phone company ntw your telephone dollars go further. WHY NOT KEEP SOME "TELEPHONE CHANGE" in the (love compartment of your car. Those “Drive-up’ and “Walk-up” telephones arc such a wonderful con venience along the highway. Next time you're going somewhere and need to make a phone call on the way, you'll be glad you put aside some change in a handy * * * THIS IS BRIDES’ MONTH! If you're a June bride, your new husband already knows you're beautiful and charm ing and witty and captivating and sweet and thoughtful, and the loveliest girl in the world! Show hint you are efficient, too. Have telephones installed in all the right places in your new home. Choose them in colors to complement your decorative scheme. Do your errands by telephone. ing a relca. e ol lia nlity to tlw| pivernmem on the <11 loan fromi both tho londt ■ who holds the! note and m »rl.;aKe anJ Irom the VA. Q What is n.eant by •’release >f liability to the government?" , A It mein., that the govern menl will not attempt to collect from the v<-toian if he purchaser defaults on ‘he loan and VA |>ays a claim urv'er :1k* guaranty. Q How Wf a veteran go a e*>»it obtaining a release from lia bility? A He submits a written request mo special fo-m needed* to .he VA regional o.iice which prm-ess •d the loan Request should in clude the VA loan number, ad dress of paucity, name and ad dress of proposed purchaser, and v*me s’lil dteoss «)f lender who holds the noV ami mortgage. He hould mal'o tins application be ' »re signin-- a contract to sell the home. Q Who determines whether the release will be granted? A The Va regional office, 'rhe propositi purchaser will hi- re luiri-d to sidimii a financial state rent and .i»n an agreement to as.;ume the liability. Q Ikies lik* lelease <»f a vet eran from liability affect tho guaranty of the loan? A No. guaianty will continue •n effect. W Must ;>n posed purchaser be a veteran? A No. Q Can a veteran with a VA direct loan l<e icleased of liabili ty. A Ye*, h. may be released of liability under the same condi tions as a vote, an with a guaran teed GI loan. Q A veteran’s spouse signer! the note when the Of loan was made. Will she also be released front liability? A Yes, if the veteran is releas ed. Q Is there any cost to the veteran in obtaining a release of liability from VA? A The rest of a credit report «n the proposed purchaser must ho borne by el diet the proposed purchaser or the veteran. Also the cost of recording the Assump tion of Liability Agreement and Release must be paid by the vet eran or th ■ purchaser if record ing is necessary. Q A vc*ert.n purchased his home with ** first mortgage loan insured by FHA and a second mortgage loan guaranteed by V’A. \Y il VA rebv.se the veteran from liability on let second mortgage if he sells hts home? A Yes. if tht conditions for re lease are met and the first mort gage loan Is current. Q Does a vc teran have to get VA’s consent to sell his property if the GI loon is not being paid off? A No. he hoes not need VA’s consent to sell his property. If he wishes to be released from passible lia alitx to the govern ment. however, he must apply to VA. Q Does a v» teran have to get VA’s approval oi a prospective purchaser? A No. Q If th' veteran is released from liahili‘> tc the government in connection with the sale of his property can he get another GI loan? A Not necessarily. Restoration STRONGEST pickup in the Tough new double-sidewall box, a tailgate that can take a ton! And underneath, this Ford’s built like the big trucks! IIn read right! Ford's now Stytoskfe box has a tailgate so strong it can support aton at 0sioht. Yot o now confer latch lets you open and dose it with one hand! You'll find this new long-wheelbase Ford pickup easier •» load, to ride in, to drive. But from axle to ado, its built Ike the big trucks for extra dranglb—and extra savings-on the job! Drive it today at your FORD DEALER* MIA Southwell Motors » Shelby Id. Phone 73M743 Health Benefits At $7 Billion Over $8.8 bill.on in health bene fits were paid to Americans in 1H«2. the Hca'ih Insurance Insti tute saiii toda* Health insurance accounted for some $7.1 trillion in of •'ntitlem ‘nt only occurs in spe cial cases. In'oi mat ion may he obtained from the VA regional office. Q Will the fact that a veteran is receivin'*’ c.iah. In addition to the purchaser assuming liability on the loan Itep him from oh taining a r~lei.se of liability to the governmrr.f from VA? A- No. benefits, and the remainder wa.. paid through other insurance mechanisms. These benefit* dollars, the In stitute said vtnt towaid helping people defray tile medical costs or injury, a.id also lo replace in come lost during periods of dis ability. Sources for the health benefits include voh'n'aiy health insur ance issued iiy insurance compan ies. Blue Cross, Blue Shield, and oilier progr tins; liabili’y insur ance, workmen’s com i>ensa lion; and life insurance, the Institute declared. The 19K2 health hen--iit break down for the ‘ arious insurance meclianisms ir as follows: Insursrre companies, Rim* Cross - Blue .Shield, and other health plana: benefit* totaled $7.1 billion. (Note: The 1963 ben pfit total* (or private health in surance rec-ntiy release! an es timated $7..'< h.llion in benefits with insurance companies paying out $4.2 billion of that total.) Medical I enefits under lia bility insurance; an estimated $1.10 million. These benefits went toward payment of hospital and medical bills under medical terms of automoh'le insurance covering vehicles. — Workmer's compensation: benefits of $4!*1 million helped pay medical hills resulting from on the job or j b-connected injur ies or illnesses and $970 million workers were covered by them* programs in I!i62. Disability provisions under i«u>« Uouy monin Observance Set Raleigh. S.C. — In June, 1964. Ncrth Car »lbia join* the nation in celebrating the 28th anniversa ry of "June is Dairy Month"—an annual salute to the dairy indus try. It has become a time of rec ognition throughout the counry of the dairy industry's vital con tributions to tic health and wel life insurance policies provided health benefts in 1962 of $142 million. Eighty per cent of this total went for disability pay ments and the remainder repre sents company waiver of prem ium during periods of disability as provided under many life poli cies. fare of the people. June Dairy Month has also tx'j come “open house" time .'or (tan 1 processing plants. Hundmi* or special event* ranging It -m a “three • minute cow wash." ;o milking contests, to ice cream eat ing contests, attract attention t>» the dalr>’ indust ty. June Dairy ?%ionth is roordmat ed effort to Inform the consumer about the need for proper nutr tion and diet habits which, of course, include milk and milk products. Farm news directors and edi tors. nutritionists, food retailers, restaurants ar.tf others will cm phasize milk a« “nature’s m<.st nearly perfe-t food" during the month. JUST ARRIVED! Seven Good Condition QUICK SALE! i AS OTTO AS $1 DOWN Diuvns MOST UFRMOATORS NO MAN. Oft MONK ★ GENERAL ELECTRIC W WESTINGHOUSeI^FRIGIDAIRE Going Foi a Fiaction oi Their Real Worth -Ideal for Young Couples, Apartments or far You Sommer Cottage Reconditioned T-V Sets Famous Names! PHlco, Admiral Zenith EAST TEAMS AS LOW AS Open Evenings «*T Appall—Hi Phon« 739*5451 Kiafs Mountain I Phone You Friendly Steidri Salesmen Bab Coach or Hendenoo Hendon I
The Kings Mountain Herald (Kings Mountain, N.C.)
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June 11, 1964, edition 1
16
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