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Veteran's Administration (VA) Assistance

The below information comes from directly from the Veteran's Administration. More information can be found on their website.

What should I do if I’m having trouble paying my mortgage?

If you’re having difficulty making your mortgage payment, contact your loan servicer right away. This is your chance to find a solution that might work for your scenario.

If you’re nervous about contacting your servicer, or if you’d like our help and advice, please contact a VA loan technician at 877-827-3702.
 

How can I avoid foreclosure?

There are 6 general ways you can try to avoid a foreclosure:

  1. Repayment plan: If you’ve missed a few mortgage payments, this plan lets you go back to making your regular payments, with an added amount each month to cover the ones you’ve missed.

  2. Special forbearance: This plan gives you some extra time to repay the missed mortgage payments.

  3. Loan modification: Sometimes you need a fresh start. This plan lets you add the missed mortgage payments and any related legal costs to your total loan balance. You and your servicer then come up with a new mortgage payment schedule.

  4. Extra time to arrange a private sale: If you need to sell your home, this plan lets you delay a foreclosure so you have time to sell.

  5. Short sale: If you owe more money than your house is worth, your servicer might agree to a short sale. This means the servicer will accept the total proceeds from the home sale (even if it’s less than the full amount you owe on the mortgage) as full payment of the debt you owe.

  6. Deed in lieu of foreclosure: This plan lets you avoid the foreclosure process by signing over the deed to the home to your servicer. The home will then belong to the servicer.

Our VA loan technicians can help you figure out which option is best for you. Contact a VA loan technician at 877-827-3702.


- Apr 02, 2020



 
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