Five Options For Those Not Chosen For The Bank Of America Bailout

VA-HLC-HAS Program

VA-HLC (VA Home Loan Centers), a San Diego-based organization that specializes in VA Loans and helping veterans, active-duty military and their families with homeownership, has issued five options for those homeowners not chosen by the highly publicized Bank of America (BofA) principal-reduction program.

“On the face of it, this offer by BofA sounds too good to be true,” said Philip Georgiades, chief loan steward of VA-HLC. “But in reality, recipients of this offer still have to prove they qualify.”

Nevertheless, says Georgiades, homeowners who are not selected by BofA for principal reduction still have a way forward.

“By issuing these options we are trying to help all homeowners, rather than a select few. We want to reassure folks that there are still several avenues open to them that will help them avoid losing their homes.”

VA-HLC offers these five options:

1. Ask for a loan modification form your lender. If you are facing a financial difficulty making your mortgage payments, you may qualify for a loan modification.

2. Short sale your home. If you no longer occupy your home due to a job transfer, or other relocation, and you are unable to afford the housing expense of two households, you may want to consider a short sale.

3. If you currently live in the home, and have a high interest rate (a rate above 5 percent), you may want to explore options such as HARP, or a streamline. Some refinance programs are available to homeowners without equity. Note that you must be current on your mortgage payment to apply for refinancing.

4. Consider renting out the home. There are several government programs that will help you find a tenant and, in some cases, guarantee that tenant’s rent. Section 8 is a perfect example. Under the Section 8 program, you as a landlord are guaranteed a certain amount of rent each month. In addition, you also qualify for automatic annual rent increases.

5. If the above options are not available to you; you may want to consider a bankruptcy as a last option. In some types of bankruptcies, you can eliminate mortgage debt. If the home is your primary residence, you can eliminate a second position mortgage using a Chapter 7 or a Chapter 13 bankruptcy. If you no longer live in the home and you file a Chapter 7 bankruptcy, you can wipe out all of the mortgage debt on the home. However, if you chose this option, you will have to give up the home in exchange.

VA-HLC’s new service Homeowners Action Services℠ (HAS) program can help homeowners refinance and lower their payments. HAS℠ helps veterans, active duty military and their families stay in their homes by offering several mortgage payment-reduction plans, or help them sell their property – even if they do not have equity in their homes.

“I encourage all servicemembers who are having difficulties in meeting their mortgage payments or who are facing foreclosure to take advantage of our new Homeowners Action Services℠ program. We are just a phone call away and are here to help. It may be the best phone call you ever made,” added Georgiades.

About VA-HLC / VA Home Loan Centers (

VA Home Loan Centers is a qualified lender of mortgage loans to United States Veterans.

The VA loan program helps veterans, active and former duty military, and certain spouses of wounded, M.I.A. or K.I.A. United States service personnel achieve the ultimate American dream: home ownership.

Services provided by VA Home Loan Centers include real estate representation such as VA loan short sale processing, purchase assistance and VA loan application processing. VA Home Loan Centers offers beneficial loans to all eligible veterans and their families. It is easier to qualify for a loan through VA Home Loan Centers than other loan programs because they offer higher front-end and debt ratios as well as the no down payment, no closing costs option (VA no/no).

Other benefits include the ability to finance the funding fee, no mortgage insurance premiums, no prepayment penalties, low interest rates and monthly costs. VA loans available include 15-year and 30-year fixed mortgage rates.

For more information on the eligibility requirements and loan limits and how VA-HLC can help with a VA loan, refinancing or foreclosure avoidance, call 888-573-4496 or visit their Web site

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