Anyone who bought a house with a VA What happens if you fall behind on mortgage payments?

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Is there an advantage of a mortgage bought a house with a VA. I hope that behind a payment, my lender working with something that I do not fall in Forclosure. My lender has helped me with a loan of 6 months motif. It lowered my payment, some, but not enough. Someone for a lower principle that the home is now approved by all lenders?

4 Comments
  1. Reply
    Sharon T
    April 29, 2011 at 11:14 pm

    You’ve got a better chance of holding on to your home if you tighten your belt or get a second job. You need to catch up. Do not expect the lender to give you any further assistance.

  2. Reply
    godged
    April 29, 2011 at 11:20 pm

    Lower your principal? Good luck.

    Seems like you got a hand out from the lender already, you are not likely to get another one. No one is going to refinance you into what it is worth now.

  3. Reply
    A Kartaltepe
    April 29, 2011 at 11:24 pm

    Yes! There are some tremendous advantages.

    You already received one. Contact the VA and ask them to contact the lender and request a moratorium.

    According the the Veteran’s Handbook, no matter what your security instrument (some states call it a deed of trust) states about loan assumptions you can sell your home to someone on an installment contract, which is sometimes called a “contract for deed” or “land contract” and the lender must allow the buyer to make payments without the buyer having to qualify for the loan. (Payments are still in your name, however it’s better than foreclosure.)

    And I’m not sure but I also think that you cannot be sued for deficiencies either when the property doesn’t bring enough money at foreclosure.

    And VA loans are the least expensive loan to get in the first place.

    All are great advantages over other loans.

    Count your blessings that you were smart to get a VA loan.

    Go get the best listing agent in the area and put your home up for sale, now!

    Best Wishes,

    ###

  4. Reply
    Janet P
    April 30, 2011 at 12:10 am

    You won’t lower your principle, that is how much money they gave you and you have not returned. You are asking for it to be a gift, and that is not likely.

    With sucha recent modification I doubt you will get another one, but there are new plans out there, maybe you can. It will not hurt to ask.

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