Tag Archives: Forebearance

Avoid Foreclosure: Option 12 – V.A. Loan Modification/Refunding

Option 12. V.A. LOAN MODIFICATION/ REFUNDING
(Available for VA loans only) (Need at least 30 days to process)

VA Loans

Definition: VA has the discretionary authority to buy a loan from the holder and take over the servicing. This is called “refunding”. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the … Read the rest

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Avoid Foreclosure: Option 10 – Repayment Plan

Option 10. REPAYMENT PLAN

Definition: You coordinate with lender to agree upon a monthly payment and the payment and interest on past due amounts. So, providing you keep up the appropriate payments, at the end of the term you will have repaid the loan in full. Terms are set up in the same way as most types of loans with % rate and time frame to pay off.

If you have incurred a short term financial hardship and your loan is two or more months past due, you might consider submitting a request for a repayment plan to your lender … Read the rest

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