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VA offers help for delinquent borrowers
June 14th, 2009 | 
Author: The Department of Veterans Affairs (DVA) had specific programs in effect to help VA borrowers in trouble on their mortgage. Additionally, current members of the military with conventional mortgages that were originated prior to the current period of active duty, could be eligible for relief under the Servicemembers Civil Relief Act (SCRA). SCRA could provide lower interest rates, forbearance and prevent foreclosure.
Current VA loans that are in delinquency also have a number of options available. the DVA points out that “contrary to popular opinion, services do not want to foreclose because foreclosure costs a lot of money.
VA Loans are also available up to 100% loan to value for the refinancing of a conventional or sub-prime loan. VA loans are available up to $729,750 depending on where the property is located. To find out more about your VA benefits, check out A Summary of VA Benefits pamphlet.
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