Welcome to VA Foreclosure Guide
VA Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How to Avoid a Foreclosure with a Countrywide VA Loan
from:VA mortgage loans are home loans that are government insured and guaranteed by the VA (Department of Veterans Affairs). They are there to help qualifying active-duty service members, reservists and Veterans that wish to purchase a home. Although the financing comes from banks, the borrowing terms are more flexible, including lower interest rates and down payments. Unfortunately, even with this help many Veterans discover they can't make the mortgage payment, resulting to the home going into foreclosure. With help, they can often learn how to avoid foreclosure. Countrywide VA loans are issued through Countrywide Banks. Countrywide is used by many Veterans, as they are one of the top lenders for VA loans.
Although the financing comes from Countrywide (or some other lender), the VA guarantees the loan, stating that if they will cover the mortgage loan if the Veteran cannot. Many benefits are there to help Veterans when they obtain their VA financing through Countrywide, including how to avoid foreclosure. Countrywide, VA and the Veteran all work together to avoid a foreclosure, if possible. Many VA loans today are in foreclosure. Often all the borrower needs is a little help in how to avoid foreclosure. Countrywide VA loans are often provided with special features not available in traditional mortgage loans.
No down payments are required on some VA loans with the qualified Veteran being able to borrow up to $417,000. The debt to income ratio and income guidelines is much more flexible and less strict with VA loans than with traditional mortgages. Because the Department of Veterans Affairs is insuring or guaranteeing the loan, the requirement for mortgage insurance if eliminated. Veterans also have their choice of an adjustable or fixed rate loan. In spite of these flexible guidelines, Veterans must still meet the eligibility requirements of the VA.
The law requires that VA home loans can only be obtained for certain reasons. One reason is to build or buy a home that will be owned and lived in by the Veteran. Another reason is to refinance a current VA loan for the purpose of lower interest rate or to refinance a current mortgage that is owned by a Veteran. The VA loan can be for residential property of up to four family units.
With the foreclosure rate as high as it is today, many are concerned with how to avoid foreclosure. Country VA lenders are always available with helpful suggestions. When asked how to avoid foreclosure, Countrywide VA lenders will suggest contacting them at the first sign of financial difficulties. When the financial difficulties are in the early stages, Countrywide lenders can often come up with different mortgage terms to help the Veteran. However, once the borrower becomes too far behind in the payments, they sometimes cannot be helped.
VA Foreclosure Specific links
VA Foreclosure News
Foreclosure filed on ex-Hilton
Stripped of its ties to the Hilton chain, Downtown's biggest hotel faces a second crisis: Mortgage holder Black Rock Financial Management Inc. foreclosed on the property.
Read more...Delinquencies and Foreclosure Starts Decrease in Latest MBA National Delinquency Survey
RISMEDIA, September 1, 2010—The delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 9.85% of all loans outstanding as of the end of the second quarter of 2010, a decrease of 21 basis…
Read more...Veterans More likely to avoid foreclosure with VA-backed loan
WASHINGTON, DC – Mortgage loans guaranteed by the Department of Veterans Affairs (VA) continue to have the lowest rate for serious delinquency and foreclosures in the industry, the agency reported.
Read more...Executives Plan Moderate Increase in Professional-Level Hiring in Fourth Quarter
Looking toward the final months of the year, 11 percent of executives interviewed for the Robert Half Professional Employment Report said they expect to increase the number of full-time staff they employ in professional occupations in the fourth quarter.
Read more...Mail Call
"This is for the Sharpsburg caller who made the comment about organizing a work crew, road crew and then being qualified to be president." - Hagerstown
Read more...