Do you know anything about VA home loans?

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Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They forclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?

  1. Reply
    May 1, 2011 at 12:30 am

    My first question is, WHY WOULD SHE WANT TO? There are so many programs out there that may be a better fit. Do some research and find a local banker or broker that can help.

  2. Reply
    May 1, 2011 at 12:57 am

    She can qualify for the VA loan again only if she is a vetern. She would need to get a certificate of eligibilty and she would still need to qualify for a mortgage based on credit and income.

  3. Reply
    Etta P
    May 1, 2011 at 1:15 am

    I am so sorry to hear this kind of thing happening to our veterans that served our country. It is horrible and I am very sad for you. I reviewed the guidelines and according to the VA regulations regarding entitlements for home loans it does not appear that your family member would be able to get another VA home loan. It would be a good idea to contact the Veterans Administration directly and inquire about obtaining another “certificate of eligibility”, especially if there is no outstanding deficit judgment. Hope this helps!
    FYI: if veterans have financial problems they can call the VA for help prior to the act of foreclosure or bankruptcy. See the below website and let any other veterans they can call for help, they are not alone!

  4. Reply
    May 1, 2011 at 1:44 am

    There’s more to this story than what you are posting here. Under law, a lender cannot even report you as LATE within the first sixty days of purchasing/selling a loan.

    Lenders don’t start foreclosing on ‘late payments’. They only initiate foreclosure when there is NO payment.

    Either you are giving us half the story, or your family friend isn’t telling YOU everything.

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