Military Advantage

Forbearance Offered for VA Loans

According to a recent VA press release Gulf State veterans impacted by the oil spill may qualify for delayed mortgage payments for existing VA loans.

Secretary of Veterans Affairs Eric Shinseki noted that several mortgage companies have already announced plans to waive late payment charges and suspend negative reporting to credit bureaus on affected borrowers.  VA is asking all mortgage companies to follow this example. 

More information and basic guidance for Veterans affected by a major disaster can be found on the VA website at http://www.homeloans.va.gov/.  Veterans in need of mortgage counseling may also contact their nearest VA regional loan center at 1-877-827-3702 for help and information, regardless of whether or not they have a VA home loan.

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