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Saturday, March 30, 2013

VA Loan Foreclosure Facts

DirectVALoans.com

It is no coincidence VA loans have the lowest foreclosure rate in the country. Free mortgage counseling and the VA guarantee help make veterans’ mortgages less vulnerable in tough financial climates.

A foreclosure can happen when a borrower defaults or cannot repay a mortgage debt, and the lender chooses to take possession of the property to recover some of the loss. This quick Q &A can help you understand your options and the consequences of foreclosures.

Q: What should I do if I am having trouble making my VA loan payments?

A: VA borrowers facing financial hardship should use the free VA mortgage counselor assigned to their loan. Mortgage counselors are employed by the VA to help you. They are trained to provide sound advice that can assist financially-stressed veterans get back on track and often keep their homes.

VA counselors can work directly with your loan servicer to negotiate repayment plans, forbearance, and even loan modifications – all great home-saving alternatives to foreclosure.

Q: What happens if I just can’t avoid VA loan foreclosure?

A: If foreclosure unavoidable, it may directly affect your VA loan entitlement. If the government suffers any loss as a result of your delinquency, the amount of entitlement that was used for the VA loan cannot be restored until the loss is paid back.

Q: Can I get another VA home loan after foreclosure, and how long will it take?

A: Having a foreclosure in your history doesn’t necessarily disqualify you for a future VA loan. Like bankruptcy, a foreclosure may be disregarded in VA loan qualifying if it happened more than two years ago. Many VA borrowers who have a foreclosure in the past have been able to repair their credit and get another VA home loan. Lenders review applications of potential borrowers with foreclosures in their past on a case-by-case basis. You’ll have to be able to explain the circumstances that led to the hardship. And, as long as you have repaid the loss back to the VA and kept your credit in good standing since the incident, you may be able to qualify again for a VA home loan in the future. Repaying the loss to the VA is important for restoring entitlement needed to get another government- backed loan. How long it takes to qualify again may depend on how soon you recover financially.

For more about VA loans and foreclosure, contact an experienced VA mortgage professional.

My name is Scott Grebner and I have been helping my clients realize their own personal real estate dreams. Real estate is a relationship-based business that works best when client relationships are built on trust and confidence. My goal is having clients be completely satisfied with the professional and caring service they have received.

The role of technology is rapidly changing how the real-estate market functions in this country today. Gerharter Realtors is embracing these new mediums of communication to better serve our customers. We have created our e-family to better place important information in your hands to help you with your housing needs. As a part of Gerharter Enterprises we have access to a broader range of additional services and resources to better assist you. Visit me at my Web Site, Blog, Facebook, Twitter, You Tube or Pinterest. Please check out our helpful resources on Sellers Tips, Buyers Tips, Foreclosure Tips, and Mortgage Tips. For a personal consultation please visit our Office.

It seems that the dream of past generations was to pay off a mortgage. The dream of today’s young families is to get one. I would love to hear from you, about your Real Estate Dreams and questions.

Email me at scott@gerharterrealtors.com.

10 comments:

  1. CFS Mortgage, http://www.cfsflex.com, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.

    CFS Mortgage http://www.cfsflex.com

    ReplyDelete
    Replies
    1. SCAMMERS DRAINED AND RUINED ME FINANCIALLY AND LEFT ME HOMELESS BUT THANKS TO UP START LOAN (upstartloan@yahoo.com).

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  3. Hello Everybody,


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  4. How I Was Rescued By A God Fearing And Trusted Lender {Lexieloancompany@yahoo.com}..

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  5. Everyone related with church ownership or management should know these facts. It's very important. Besides, Knowing about lenders for getting church financing as preparation for the further future can be very helpful.

    ReplyDelete
  6. This comment has been removed by the author.

    ReplyDelete
  7. These facts are very important.In fact, in case of church mortgage on fair charges it is very importnat that you are mortgaging the church property to a right hand on whom you can actually rely. Isn't it?

    ReplyDelete
  8. Testimony on how i got my LOAN from fundingloanplc@yahoo.com ...

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    ReplyDelete
  9. SCAMMERS DRAINED AND RUINED ME FINANCIALLY AND LEFT ME HOMELESS BUT THANKS TO UP START LOAN (upstartloan@yahoo.com).

    Greetings to everyone, Life they say is full of deceit. No torture and pain can be compare to what i Theresa L. Bernard experience in the hands of scammers, The most annoying part of it is that someone always post of receiving a loan from them which is nothing but lies and strategy to deceive and extort hard earn money from people. I was victimize several times because of that, After reading a post about them i end up trusting them without verifying, I lost more than $12,500 in the quest of obtaining a loan i sold my car defaulted in my bills but i keep on falling victim my life was a piece of trash full of mess. My kids dropped out of school, My bank denied me credit because my credit score was down already about leaving the bank with a broken heart a staff in the bank approach me and say that there is a financial institution called UP START LOAN that say yes even when banks and other financial institution says no. She advised me to give it a try to be honest i was so skeptical leaving the bank without saying a word to her. It was a month later when my eldest son was hospitalized looking up and down nothing to pay for his hospital bill devastated and confused and then i remember what the bank staff told me and i quickly went to the bank to plead with her and inquire on how to contact UP START LOAN and she gave me the details which are Email: ( upstartloan@yahoo.com ) OR call/ text customer service through +1(574) 301-1639 . After following due procedures and comply to their policy in less than 24 hours my credit of $25,000 got approved and transfer to me. I later apply for a home and startup business loan of $350,000 which i receive and i obtain a home at 2076 Simon St, Philadelphia, PA 19124. UP START LOAN is the best. ( upstartloan@yahoo.com or text/call customer service +1(574) 301-1639. Indeed they say yes when your bank and other financial institution says no.
    ]\\\

    ReplyDelete

 

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