What to do if you have trouble making the payments on your VA home loan.

We all start out with the best intentions when we purchase a home of our own. After looking at many different homes we choose that one that is right for us and buy the home with high hopes for the future. No one thinks “I plan to buy this house and 4 years from now I won’t be able to afford my payments anymore”, but this sometimes happens. Illness, unexpected death of a bread winner, unemployment, divorce, and many other reasons cause people to fall behind on their mortgage payments and possible lose their homes.

If you have a loan through the VA Home Loan Guarantee Program you have someone on your side to help you through the crisis. The VA works with veterans who are experiences temporary financial hardships and tries to help them keep their homes by:

• The VA has Regional Loan Centers that are available to help veterans experiencing serious financial difficulties. They have financial counselors available to look at your budget, income, and expenses and help you get back on track with your bills. You can contact this program by calling 1-800-827-1000 and asking for a loan service representative.
• Offering you financial assistance. The VA has a program to aid veterans by making all or part of their missed mortgage payments for them as long as they are not too delinquent and can prove that they have a valid excuse for not making the payment/s, like being laid off, and currently have a job that makes enough money to continue your current payment with out further default.
• Offering you the information you may need to save your home. Many homeowners do not realize that if you contact your mortgage lender you may be able to work out a solution to your financial problems. Lenders understand that sometimes financial problems happen and they may have a forbearance program or create an affordable repayment plan to allow you the time you need to get caught up on your missed mortgage payments.
• Working with you to come up with a solution to your problem. The VA knows of many different possible solutions to help you depending on your circumstances. If you are currently unemployed and can not find work then your best option may be to sell your home before the lender forecloses, and if you contact your lender and inform them of this they will most likely give you the time you need to sell your home. If you have become disabled the VA will help you find alternative living arrangements and work with your lender to avoid foreclosure. The VA is there to help you with your specific situation.

Circumstances sometimes leave homeowners feeling stressed out and helpless. Rather than go through this alone, contact the VA and get some valuable advice and help during your hardship. For more information on the VA and help with loan problems

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