Asked by: Alisea Yassirasked in category: General Last Updated: 24th May, 2020
What happens if you foreclose on a VA loan?
Considering this, how long does it take to foreclose on a VA loan?
Under federal law, most homeowners—including those with VA loans—get 120 days to try to work out an alternative to foreclosure before the foreclosure can begin. But if you're not able to work out one of the options above or another loss mitigation option, the foreclosure will start.
Furthermore, can the VA stop foreclosure? SCRA may provide a lower interest rate for up to one year, and provide forbearance, or prevent foreclosure or eviction up to nine months from period of military service. When a VA-guaranteed home loan becomes delinquent, VA provides supplemental servicing assistance to help cure the default.
Likewise, people ask, what happens if your VA loan is foreclosed?
A: If foreclosure unavoidable, it may directly affect your VA loan entitlement. If the government suffers any loss as a result of your delinquency, the amount of entitlement that was used for the VA loan cannot be restored until the loss is paid back.
What happens if I can't pay my VA home loan?
If you're having difficulty making your mortgage payment, contact your loan servicer right away. If you're nervous about contacting your servicer, or if you'd like our help and advice, please contact a VA loan technician at 877-827-3702.