BOA_Settlement_Documents_v1BOA_Settlement_Documents_v1
March 13, 2012. This week, president Obama announced a series of initiatives to help rebuild the American economy. As outlined in the plan, certain veterans will be entitled to foreclosure settlements in excess of $116,785. Today, VA Home Loan Centers is announcing its directive to provide free assistance and counseling to those seeking claims for foreclosure relief.
Veterans entitled to the funds must be victims of a wrongful foreclosure from specific lenders who violated the Servicemembers Civil Relief Act, also known as SCRA.
“The main idea behind the SCRA was to look out for the rights of American military and civil service personnel who devote every fiber of their being to the defense of democracy at home and abroad,” said Philip Georgiades, Chief Loan Steward for VA Home Loan Centers. “These efforts are a major step forward in preserving the middle class and expressing gratitude through justice towards military personnel.”
As part of the SCRA legislation, the servicemembers are supposed to be protected against wrongful foreclosure and repossession.
As a byproduct of the housing crisis, many military members were foreclosed upon illegally. Those whose rights have been violated due to improper foreclosure are entitled to a payment equal or greater to the servicemember’s lost equity, along with interest and an additional $116,785.
Other borrowers may also receive a reimbursement if they have had to sell their homes as a result of a permanent change of station (PCS).
Current homeowners who meet certain eligibility criteria may also qualify for other foreclosure relief, grants or short sale assistance.
The repayments and foreclosure avoidance alternatives are a part of the $25 billion Homeowner Relief settlement between major servicers and the state and federal governments in February 2012.
VA Home Loan Centers is providing free assistance and counseling to aid veterans in determining their eligibility for foreclosure avoidance, assistance and relief.
About VA Home Loan Centers (https://www.vahomeloancenters.org/)
VA Home loan Centers provides short sale VA loan assistance and grants are available to borrowers who qualify.
IMPORTANT NOTICE:
If you choose to have VA Home Loan Centers represent you in selling your home as a short sale, you can stop using our services at any time. VA Home Loan Centers charges no up-front fees to assist you with your short sale. Our partner real estate brokerages will charge a real estate commission but if the bank agrees to a short sale, this is paid for by your lender. VA Home Loan Centers is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change the terms of your mortgage including approving your short sale. It is recommended that you continue to make payments on your mortgage throughout the process. Should you default on your payments, you can see a negative impact to your credit report and your home could be foreclosed upon.
VA Home Loan Centers is a qualified lender of mortgage (VA loans) to United States Veterans. The VA loan program helps veterans, active and former military personnel, and certain spouses of United States service personnel to 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. A loan through VA Home Loan Centers is easier to qualify for than other loan programs, as it offers no down payment, no mortgage insurance, and no closing costs option (VA no/no/no). Other VA loan benefits include no prepayment penalties, low interest rates and monthly costs. Available VA loans include 15-year and 30-year fixed mortgage rates. Borrowers who apply directly through VA Home Loan Centers may also be eligible for a maximum rebate or credit for closing costs. You can call 1-888-573-4496 to learn more or to apply for a VA loan.
