Recommended Ways to Address Problems in Paying a VA Loan

Difficulty Making a Mortgage Payment

There are circumstances in life that lead you to have a difficulty making a mortgage payment. Some of these conditions include sudden loss of employment, health problems, financial losses, and the likes. The VA Guaranteed Home Loan Program recommends numerous strategies for VA mortgage loan holders who are having trouble paying their mortgage payment.

Strategies to Avoid Trouble in Paying Mortgage Payment

They are as follows:

• Contact the lender immediately – If you know you can’t keep up with your mortgage payment because of some reasons, then the best thing to do is to immediately contact your lender. By doing so, you and the lender can come up with a favorable repayment plan so that you can catch up with your mortgage payment. Lenders are more than willing to help you with your financial situations, and they will see to it that it will be a win-win situation for both parties.

• Loan restructuring – Many lenders allow the borrower to restructure the loan. The advantage of modifying a loan is that you will be able to roll in the missed payment into the final balance. It can be a perfect way to repair your credit provided you will not be delinquent on your future payments.

• Private sale/short sale – if you feel like your financial difficulty will go on for some time, then the best option for you is to sell your home. This is to avoid foreclosure, which will undoubtedly tarnish your credit record. The good thing about selling your home is you will be able to keep the accumulated amount of equity in your home.

You may learn more on selling your home at Marco Kozlowski seminars.

• VA interest rate reduction refinancing loan – Making mortgage payment is sometimes difficult because of some circumstances in life. The VA Guaranteed Home Loan Program understands such things, and so it has come up with a refinancing program that gives borrowers a significantly lower interest rate and a favorable monthly payment. Refinancing under the VA program does not require an additional credit check, but a special pre-approval is needed if you are delinquent with your mortgage payment.

• Talk to a VA Loan Delinquency Assistance Personnel – As a VA loan holder, it is important for you to know and understand all your available options in case you experience difficulty paying your mortgage. A VA loan delinquency assistance personnel can help you identify the best solution for your current financial situation. He will offer advice and arrangements to manage better your payment.

Contact Freedom Mortgage Corporation

If you are experiencing financial difficulties which resulted to delinquent in paying your mortgage loan, then you should contact Freedom Mortgage Corporation. It is a VA-approved lender who has been in the industry since 1990. For more than 25 years, the company has successfully maintained its A+ rating with the Better Business Bureau. The vision of the company is to help make home ownership easy and accessible to every American. Should you wish to apply for a VA loan mortgage, refinancing, or other types of the mortgage loan, then feel free to give Freedom Mortgage a call. The company will be glad to be of service to you.

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