VA offers host of ways for vets to avoid foreclosure

 

VA loans have the lowest foreclosure rate of any product on the market, according to a winter announcement from the Department of Veterans Affairs. Part of that success is due to the loan counseling experts at the VA, who work tirelessly to keep veterans and their families from losing their homes. The VA has a handful of helpful programs aimed at helping those who have served our country stave off foreclosure. The work of these VA loan officials combined with the agency's unique financing programs continues to make a difference in the lives of thousands of U.S. veterans. Even veterans and active duty military members without a government-backed VA home loan can receive help. The VA can provide struggling veterans with a number of options (PDF DOCUMENT), including: Loan forbearance Veterans receive time to cover missed payments without the fear of foreclosure proceedings Loan modification Veterans receive a new payment schedule with the delinquency added to the balance of the loan Repayment regimen Veterans can catch up on missed payments by including extra funds in their regular monthly mortgage payment Veterans and active duty members may also be able to utilize a deed-in-lieu or even obtain additional time to sell their house to another person or family. There are VA loan counselors at eight different regional VA loan centers across the country. Veterans can call a special hotline (877-827-3702) to get in touch with a representative at their nearest loan servicing center. The continued strength of VA loans comes on the heels of a huge year — VA loan volume surged 80 percent in 2009. The VA guaranteed almost $70 billion in loans last fiscal year. "The dedication of VA's loan professionals, the support of our partners in the mortgage industry and most importantly, the hard work and sacrifice of our veterans have made this possible," Secretary of Veterans Affairs Eric K. Shinseki said in a news release issued in December. "VA is making good on its promise to help veterans buy homes, and veterans are achieving their dreams." Image: Antonin Remond

View article...