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VA Foreclosures

By admin On May 4, 2010 Under VA Foreclosures

It is no secret that foreclosure rates are up in recent years. However, amid all the turmoil associated with the loss of jobs, the economy and other factors, the VA loan program has become a force relatively stable in an otherwise volatile mortgage market. After the foreclosure statistics published by the Mortgage Bankers’ Association for the fourth quarter of 2009 show a significant difference between the types of loans

All loans: 4.58% in foreclosure

Prime Mortgages:  3.31% in foreclosure

Subprime: 15.58% in foreclosure

FHA Mortgages: 3, 57% in foreclosure

VA mortgages in foreclosure:  2.46% 

 these impressive figures come after a banner year VA loans, which saw 80 per cent loan growth during 2009. Almost $ 70 billion in loan funds were guaranteed by the Department of Veterans Affairs last year.

Most of the program’s success in maintaining VA’s foreclosure rate is fixed, can be directly attributed to the Department of Veterans Affairs itself. VA is working hard to ensure that relatively few veterans and their families lose their homes, and the effort includes a number of useful programs for assistance.

Veterans who are afraid of not being able to make payments is allowed to put their loans in forbearance, which provides services to members over time to cover overdue payments without imminent danger of foreclosure. If there is a change of lifestyle or job change that does not allow veterans to seek and make their regular payments, loan modification is also available. With a loan modification, are veterans provided with a payment plan with new delinquent loan amounts included in the new payment. Veterans are also able to catch up on missed payments including delinquent funds in their regular monthly payment.

If the repayment of their loans is an impossibility, and no agreement could be reached, a veteran with a VA loan is usually more time to sell their house to another person or family without worrying about imminent foreclosure.

 VA staffs eight centers across the country with expert advice available for loans to help veterans, active members of the service stations and their families keep their homes as possible. Although veterans and active members of the service stations do not currently have a VA loan, but are concerned about a second mortgage, VA experts may help you. owners concerned can call a special hotline (877-827-3702) for contact with an advisor to the nearest loan center loan service VA loans and start the process back their mortgage at a good position.

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