FHA Articles

In the wake of the Gulf oil spill crisis, many mortgage companies are waiving late payment penalties and credit reporting for home owners affected. Did you know that some VA lenders are also offering help for vets affected by the crisis? If you're a homeowner facing VA loan delinquency because your livelihood has been affected by the oil spill, help could be a phone call away.

The Department of Veterans Affairs issued a recent press release quoting the Secretary of Veterans Affairs urging more mortgage companies to follow the example of those offering help to VA loan borrowers; VA Secretary Eric Shinseki asked mortgage companies to "extend every possible forbearance to Veterans whose livelihoods have been affected by the oil spill crisis."
Shinseki added. "Through no fault of their own, many of our Veterans are out of work and are struggling to earn an income," the Secretary added. "We must assist these Veterans in this difficult time, just as they have supported us in their sacrifice to the Nation."

Veterans should know counseling and information from the VA is available to them--regardless of whether or not they have a VA home loan. Conventional borrowers eligible for VA benefits should also take advantage of the VA counseling by calling 1-877-827-3702. The VA also has basic help online for vets affected by a disaster like the one in Gulf states.

When a VA borrower experiences financial difficulties, it's critical to get in touch with the VA and the loan officer immediately to discuss alternate arrangements, loan forbearance and options to avoid going into default or foreclosure. If you have a VA mortgage, there are many tools for you thanks to VA programs and the willingness of lenders to help veterans keep their homes. The first and most important step? Getting in touch and making your situation known.