DISASTER ADVICE FOR VETERAN HOMEOWNERS

 This bulletin is an excerpt form the Department of Veterans Affairs to provide information during major disasters. The information given below is primarily for homeowners whose loans are guaranteed by VA.

 Contact Your Mortgage Company

Contact your lender as soon as possible regarding your loss. You are not excused from making your regular monthly loan payments even if your home is not habitable. You should discuss forbearance or possible extension or modification of your loan if you are unable to make your payments on time. You should also have your lender explain procedures regarding insurance loss checks and repairs to your property, payment to contractors, etc.

 

Contact Your Insurance Company or Agent

File insurance loss claims as soon as possible. However, do not make a hasty settlement on insurance. When the property is damaged but repairable, attempt to get the engineer’s office of your local government to make an inspection for structural damage. If possible, get at least two estimates from licensed contractors for cost of repairs or rebuilding. Insurance checks for personal property and living expenses should be made payable to you only. Checks for damage to your home should be made payable to you and your mortgage company.

 

Contact FEMA (Federal Emergency Management Agency)

You begin the disaster application process by calling FEMA’s toll free number 1-800-621-FEMA (3362), or 1-800-462-7585 (TTY) for the hearing and speech impaired. In order to receive the maximum assistance, you must register with FEMA before their deadline expires. You cannot obtain assistance for uninsured losses or damages to your home from the Small Business Administration (SBA) or any other disaster recovery agency if you have not registered with FEMA. More information can be found at the FEMA website, www.fema.gov. Be sure to check every source for maximum assistance including the SBA. Do not pay your loan in full before checking with SBA on a loan for the uninsured portion of your loss. Low interest loans, cash grants, and housing assistance may be available from agencies associated with the disaster recovery effort.

 

Check Other Sources of Help

Veterans should contact local offices of the American Legion, Veterans of Foreign Wars, Disabled American Veterans (DAV), or other veterans organizations to see if special assistance may be available, even to non-members of the organization.

 

Change your Address

If you are receiving a monthly benefit check from VA or another source, and you will not be able to receive mail at your regular address, notify your local post office and VA Regional Office of your change of address. For information on VA benefits other than home loans, call 1-877-827-3702. For more info Click Here

 

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VA Mortgage Options for those in Financial Distress

Enhanced VA Mortgage Options Now Available for Veterans Of Potential Benefit to Those in Financial Distress

 Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.

 

“These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan,” said Secretary of Veterans Affairs Dr. James B. Peake. “Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries.”

 VA has never guaranteed subprime loans. However, as a result of the new law VA can now help many more vets who currently have subprime loans.

The new law makes changes to VA’s home loan refinancing program. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.

 Additionally, Congress raised VA’s maximum loan amount for these types of refinancing loans. Previously, these refinancing loans were capped at $144,000. With the new legislation, such loans may be made up to $729,750 depending on where the property is located.

 Increasing the loan-to-value ratio and raising the maximum loan amount will allow more qualified veterans to refinance through VA, allowing for savings on interest costs or even potentially avoiding foreclosure.

 For more information, or to obtain help from a VA Loan Specialist, veterans may call VA at 1-877-827-3702 or visit www.homeloans.va.gov.

 

The Home Team Girls Realtors® Real Estate Team helping you with First time home buyers, Vets and Active Military, Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 

 

 

 

 

 

VA Reaching Out to Vets with Mortgage Problems

 “VA is reaching out to veterans — both those who use the VA’s home-loan guaranty program and those who don’t take advantage of the 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.”

 

According to the VA website, VA Counselors can assist other veterans with financial problems.  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.

 

The Home Team Girls Realtors® Real Estate Team helping you with Your First time Home, Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.