Resources to avoid foreclosure and restore hope
 When serious financial troubles arise, it is obvious that living expenses must be cut to the bone. Most of the luxuries previously enjoyed, and even some things which may have been thought of as necessary, may have to be dropped for a time.
Every homeowner dislikes the idea of losing a home. This could cause you to lose all you have paid in, spoil your credit standing, and possibly increase your present debts. Everyone agrees that government is not the solution to all problems, we encourage servicemembers and veterans to inquire within their local military commands and veteran service organizations.
HOME LOAN COUNSELING FOR MILITARY VETERANS
Veterans in serious financial trouble due to the mortgage crisis can contact the VA Regional Loan Centers for cost free financial counseling. Depending on a veteran’s circumstances, VA can intercede with the borrower on the veteran’s behalf to pursue options -- such as repayment plans, forbearance, and loan modifications -- that would allow a veteran to keep a home.
Call 1-877-827-3702 to obtain help from a VA financial counselor. Many home owners have found it difficult recently to pay their mortgages, but quick intervention by loan counselors at the Department of Veterans Affairs (VA) has actually reduced the number of veterans defaulting on their home loans. If you are facing financial difficulty, and you have an ORVET Home Loan, contact ODVA Home Loans at 1-888-673-8387.
REFINANCING
Veterans’ Benefits Improvement Act of 2008
VA has never guaranteed subprime loans. However, as a result of the new law VA can now help many more veterans who currently have subprime loans. The new law makes changes to VA’s home loan refinancing program. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.
Interest Rate Reduction Refinancing Loan (IRRRL)
An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
WOUNDED WARRIORS AND WIDOWS
Wounded Warriors in Transition & Surviving Spouses of Fallen Warriors can make application to the Homeowners Assistance Program using DD Form 1607. Part III, Section IV of the form must be completed by your personnel officer.
U.S. Army Engineer District, Sacramento
1325 J Street
Sacramento, CA 95814-2922
916-557-6850
800-811-5532
In addition, you must submit a variety of documents to show evidence of your ownership of the property, your occupancy dates, your assignment orders, your efforts to sell the home (whether it was sold), and mortgage details. http://hap.usace.army.mil/EP_WT-SS.html
SURVIVING SPOUSE
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact the Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact the Winston-Salem Eligibility Center.
WHO OWNS YOUR HOME LOAN?
If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Visit http://www.makinghomeaffordable.gov/loan_lookup.html to find out if you are qualify! Call a counselor at (888) 995-HOPE.
HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance. All counselors affiliated with the HOPE NOW Alliance are HUD certified and services are free of charge. Homeowners can locate free housing counselors at www.makinghomeaffordable.gov. Call a counselor at (888) 995-HOPE.
HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). Call 1-800-225-5342 for more information.
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