Unique arsenal of mortgage counselors and resources provided by the U.S. Department of Veterans Affairs can help combat VA loan foreclosure.
Many eligible borrowers obtain VA loans without fully realizing the tremendous support system they have at their fingertips. Nine VA Regional Loan Centers (RLCs) throughout the country serve the general VA home loan benefits mission to assist veterans, active duty military members and surviving spouses to buy and keep homes in appreciation of their dedicated service to our country.
The RLCs provide tools and resources to assist VA borrowers. For instance, a step-by-step online guide helps eligible borrowers learn what to expect through the VA loan process.
Every VA loan is assigned an RLC in order to administer the government guarantee. Most VA borrowers pay their mortgages on time each month, and most VA guarantees are not needed to pay foreclosure losses as they are designed. In fact, VA loans have very low default and foreclosure rates.
However, if a VA borrower does experience difficulty making house payments, the RLC can provide free mortgage counseling. Counselors are there to help negotiate payment plans and loan modifications and can assist with other foreclosure-preventing methods with this ultimate goal in mind: keep the veteran in the home.
Nine RLCs include:
Atlanta RLC serves GA, NC, SC and TN
Cleveland RLC serves CT, DE, IN, ME, MA, MI, NH, NJ, NY and OH
Denver RLS serves AK, CO, ID, MT, OR, UT, WA and WY
Honolulu VA Regional Office serves HI, Guam, American Samoa and the Commonwealth of the Northern Marianas
Houston RLC serves AR, LA and OK
Phoenix RLC serves AZ, CA, NM and NV
Roanoke RLC serves D.C., KY, MD, VA and WV
St. Paul RLC serves IL, IA, KS, MN, MO, NE, SD and WI
St. Petersburg RLC serves AL, FL, MS, Puerto Rico and the U.S. Virgin Islands
For more information about VA loans, contact a VA-approved lender.
Veterans First is a trade name of Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank. I NMLS# 449042 I Equal Housing Lender