Tuesday, March 26, 2013

VA Help With VA Home Loans That Are In Trouble

If a veteran is behind, or worried about getting behind, on a VA-financed mortgage, the Department of Veterans Affairs (VA) may be able to help. The VA can do that many lenders do not or will not, as detailed on its Loan Administration page.
Much of that page covers matters, you expect; for example, if you decide to fix the problem by selling the house, the VA will work with you to ensure that the VA loan is taken care of. If you are looking for help making payments while you get over a short-term problem, the VA cannot make direct payments for you, but maintains a list of programs in your state that might (nothing is for sure, but why not check?).
Some of the options are surprising but logical. The most striking is called Refunding. Refunding is the process by which the VA buys a loan from the holder and take over the service. This is a discretionary process; that is, the VA doesn't HAVE to do it, but it is something to consider before foreclosure is completed. If you have the ability to make mortgage payments, or will have the ability to in the future, but your loan holder has decided it cannot extend further forbearance or a repayment plan, you may qualify for refunding.
Let's hope you never have to face the situation in which you can't make your house payments, but if it does, it's a good idea to check with the VA to see if they can help.
Learn More Here or contact your Regional Loan Center.

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