As Bank of America (BofA) begins sending out highly publicized letters to 200,000 of its customers offering them principal reductions under the terms of a recent settlement among five major banks, 49 state attorneys general and the federal government, homeowners with VA loans who do not receive a letter – or do not qualify – have plenty of other options to explore.
“This letter-mailing is being staggered right through to the end of the summer, so homeowners anticipating this could be waiting up to three months. That is a long time when you are concerned about your mortgage now,” says Phil Georgiades managing director of VA Home Loan Centers (VA-HLC), a San Diego-based group that specializes in arranging VA loans and advising veterans, active-duty military and their families with homeownership.
BofA will be making weekly mailings of the much-anticipated letter throughout the summer.
“Veterans and their families that do not qualify for these reductions are still entitled to refinancing and foreclosure relief,” Georgiades says.
Simultaneously with the limited-scope BofA mortgage-reduction plan’s launch VA-HLC has recently launched their Homeowners Action Services (HASsm) program, which is specifically targeted at helping veterans and active-duty military homeowners who are experiencing hardships that affect their abilities to pay their mortgages.
“VAHLC created HASsm to help veterans, active-duty military and their families now. Most veterans and servicemembers facing hardship cannot wait three months hoping. They need action on this issue now,” says Georgiades.
Through HASsm, VAHLC can offer several refinancing options for veterans with owner-occupied homes including interest rate reductions. Veterans who no longer live in their homes can also qualify for several non-foreclosure options, including grants and subsidies.
VA-HLC provides free processing and counseling for all these options.
Military families and veterans in need of assistance in saving their homes or getting out of them without destroying their credit ratings should contact VA Home Loan Centers by phoning 888-573-4496 or by visiting https://www.vahomeloancenters.org/va-home-loan-info/veterans-administration-home-loan-portal/.