Free Loan Modification Help For Veterans

VA Home Loan Centers offers free assistance to those needed loan modification help.

WARNING: Do not fall prey to unscrupulous loan modification companies.

If you are a Veteran and are experiencing difficulty making your mortgage payment, you can receive free loan modification assistance. This is true even if you do not have a VA loan.

In fact, it’s a law. Your “Loan Servicer” (the company that collects your payment) is required to offer veteran mortgagees an evaluation for traditional loss mitigation action. Title 38, Code of Federal Regulations, section 36.4819 (38 CFR 36.4819); requires your lender to attempt to evaluate your situation and offer you an opportunity for a repayment plan, special forbearance, or traditional loan modification.

What to do?

If you have a VA loan:

  1. Contact the company that collects your mortgage payment or call 877-827-3702.
  2. Tell them you are a veteran and need evaluation for a loan modification. They will provide a free evaluation. If they do not provide a free evaluation, see below.

After you have received evaluation

If the company that collects your mortgage payment is unable to provide an acceptable solution, they are required to offer a HAMP-style modification

If you have been denied a HAMP modification, you should consider the private sale of your home as an alternative to a public sale foreclosure.

Interest penalties by your lender are required by law to cease when you list your home for private sale with VA Home Loan Centers authorized agents.

For more information, call 888-573-4496.

VA Home Loan Centers will provide free listing assistance and counseling. Any agent referred by VA Home Loan Centers is not allowed to charge you for representation.

If the loan is not a VA home loan:
1. Contact the company that collects your mortgage payment or call 877-827-3702.
2. If you are denied a loan modification, you may qualify for HAMP call 888-995-4673.

If you are denied a HAMP modification or making home affordable loan, you may consider a sale in compromise.
A sale in compromise is also known as a short sale.
For more short sale information, call 888-554-6846

More info regarding HAMP and VA guaranteed home loans:
If a soultion with an affordable payment can be offered by the loan sericer, then the traditional loss mitigation option will be used to help the veteran avoid foreclosure.

If you have spoken with your lender and they will not permit a loan modification, they are required to submit your loan for HAMP loan modification evaluation.

If the payments are affordable, then the traditional loss mitigation option will be used to help the veteran retain the home and avoid foreclosure.

If none of the traditional home retention loss mitigation options provide an affordable payment, the servicer must evaluate
the loan for a HAMP-style modification prior to deciding that the default is insoluble and exploring alternatives to foreclosure.

If you are a loan servicer, please see HAMP for servicers.
NOTE: Veterans who use VA Home Loan Centers for short sale assistance (per law) will not be charged interest beyond 210 days after last payment plus the length of time by state for a foreclosure to conclude.

Interest on any claim under guaranty on an unsuccessful case is limited to 210 days from the due date of the last paid installment
plus the published time frame for foreclosure in the State where the security is located VA Circular.

If your lender has denied you for a loan modification and you have the ability to make your full, normal monthly payment, you may qualify for refunding. If your loan is refunded, the VA can buy your loan and become the funder.
This is at the discretion of the VA and many who apply will not be approved. For more information call 888-573-4496.

If you are delinquent on your loan payments and need immediate assistance call 1-888-995-HOPE (4673)

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