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Ways to Stop Foreclosure of VA Loans
from:Foreclosure is a nasty word that no one likes to hear about these days. However, as unfortunate as it is, we're hearing it more and more on the news every day. Left and right homeowners are losing their homes to foreclosures. What you used to be almost a sure thing, owning your home, is now something that is difficult, at best, for many people. Interest rates are high. Cost of living is high. The cost of buying a home is very high. The rate of unemployment is also high. These factors all contribute to why so many homes are finding their way into foreclosure.
What used to be another almost sure thing, the VA Loans, are now just as shaky and tenuous. When a Veteran purchases a home, they are eligible for a VA loan, which is a government insured, VA guaranteed loan. What this means is that although they may get their financing from a bank, the VA is guaranteeing the bank that if the Veteran cannot make the payments, they will buy the loan back so the bank is not forced to foreclose on the Veterans. Even though the bank is not going to be stuck with the home, they still try to help stop foreclosure. VA loans are usually given with lower interest rates than the traditional home mortgage. However, the bank and the Department of Veterans Affairs (VA) will still do everything they can to stop foreclosure of VA loans.
At the first sign of financial difficulties, in an attempt to stop foreclosure, the VA will offer the Veteran financial assistance. Sometimes, in spite of help, the Veteran still cannot make the required payments and the home still becomes repossessed. When it becomes repossessed (usually after three or more consecutive missed payments), the VA will pay off the loan and become the new owner of the home. They will then attempt to sell the home to any interested buyers. Often, they list the home with a real estate agency that will advertise the home for a period. They may take bids on the home with the highest bidder getting the home.
No one likes seeing a home go into foreclosure. Bank officials offer Veterans different tips on how to stop foreclosure. VA loans are usually given with better lending terms and interest rates as a way to help the Veteran. Therefore, it's important to keep the home if possible. One of the more important things you can do to stop foreclosure of VA loans is contact the VA and the bank if you are experiencing financial difficulties and find making the payments difficult. Banks have many options available in home loans. Perhaps they can find a different type of loan to give you so your payments are more affordable. Too many home owners make the mistake of not contacting their lenders until it's too late. Don't let this be your mistake.
VA Foreclosure Specific links
VA Foreclosure News
Delinquency Rate Falls Below Ten Percent - UPI.com
 Los Angeles Times | Delinquency Rate Falls Below Ten Percent UPI.com FHA loans saw a 25 basis point increase in the percent of loans in foreclosure (from 3.32 percent to 3.57 percent), while the rate for VA loans increased 17 ... Mortgage Bankers say delinquencies decreased in fourth quarter US MBA Chief Econ: Expect Steady Rise In Mtg Rates Thru 2010 |
Foreclosures Sales Programs of HUD and VA Tweaked for Buyers - International Business Times
Foreclosures Sales Programs of HUD and VA Tweaked for Buyers International Business Times ... been tweaked and fine-tuned to entice more buyers and ultimately cut down the real estate holdings of the HUD and the VA. The number of HUD foreclosures ... |
Planning Professor's Book Sheds New Light on Foreclosures - University of Virginia
Planning Professor's Book Sheds New Light on Foreclosures University of Virginia March 4, 2010 — A new book by University of Virginia planning professor William Lucy looks more deeply at the reasons behind the foreclosure crisis and its ... |
Real Estate Live - Washington Post
Real Estate Live Washington Post She will be joined by V. Dion Haynes, who can discuss the impending foreclosure in crisis in the commercial real estate sector. ... |
Foreclosure stresses take human toll - Seattle Times
Foreclosure stresses take human toll Seattle Times A foreclosure sign stands outside a home in Winchester, Va. Going through such a process can tear apart a family, a new study says. ... |