|
VA Watchdog Stuff...
cups, hats, shirts...
click on item to order
and support the site.
Be sure to get all four
VA Watchdog dot Org
RSS feeds --
Daily VA
News Flashes
House CVA
Veterans' News
Senate CVA
Veterans' News
VA Press
Releases
Download your
free copy of the
2008 VA benefits
handbook here...
|
Printer-Friendly Version
VA LOAN COUNSELORS CAN HELP VETS IN MORTGAGE MESS --
VA can intercede on the veteran's behalf to
pursue options that can
allow a vet to keep their home. Toll-free number
is 1-877-827-3702.
For a previous article on this subject...click
here...
http://www.vawatchdog.org/08/nf08/nfJUN08/nf060808-3.htm
VA press release here...
Press release below:
-------------------------
VA Reaching Out to Vets with Mortgage Problems
June 12, 2008
Peake: VA Has a “Solid Record of Success” in Helping
WASHINGTON – Many home owners have found it difficult recently to pay
their mortgages, but quick intervention by loan counselors at the
Department of Veterans Affairs (VA) has actually reduced the number of
veterans defaulting on their home loans.
“VA is reaching out to veterans -- both those who use our home-loan
guaranty program and those who don’t take advantage of our guaranties --
to keep people in their homes,” said Secretary of Veterans Affairs Dr.
James B. Peake. “I’m proud of our solid record of success in helping
veterans and active-duty personnel deal with financial crises.”
Accounting for much of this success are VA
counselors at nine regional loan centers who assist people with
VA-guarantied loans avoid foreclosure through counseling and special
financing arrangements. The counselors also can assist other veterans with
financial problems. VA counselors have helped about 74,000 veterans,
active-duty members and survivors keep their homes since 2000, a savings
to the government of nearly $1.5 billion.
Depending on a veteran’s circumstances, VA can intercede with the borrower
on the veteran’s behalf to pursue options -- such as repayment plans,
forbearance, and loan modifications -- that would allow a veteran to keep
a home.
To obtain help from a VA financial counselor, veterans can call VA
toll-free at 1-877-827-3702. Information about VA’s home loan guaranty
program can be obtained at
www.homeloans.va.gov .
Since 1944, when home-loan guaranties were offered with the original
 GI
Bill, VA has guarantied more than 18 million home loans worth $911
billion. Last year, about 135,000 veterans, active-duty service members
and survivors received loans valued at nearly $24 billion.
About 2.3 million home loans still in effect were purchased through VA’s
home-loan guaranty program, which makes home loans more affordable for
veterans, active-duty members and some surviving spouses by protecting
lenders from loss if the borrower fails to repay the loan. More than 90
percent of VA-backed home loans were given without a downpayment.
April data shows that foreclosures are down more than 50 percent from the
same months in 2003. VA attributes this to prudent credit underwriting
standards, its robust supplemental loan servicing program and VA financial
loan counselors.
-------------------------
posted by Larry
Scott
Founder and Editor
VA Watchdog dot Org
Don't forget to read all of today's VA
News Flashes (click here)
Click here to make VA Watchdog dot Org your homepage
email Larry
(go
back to VA Watchdog dot Org Home Page) |
Military
Medical Malpractice
Legal
Network
VA Watchdog Stuff...
cups, hats, shirts...
click on item to order
and support the site.
|
