No one expects to lose a job, go through a divorce, or face a medical problem. But financial difficulties can find all of us at some time or another. For whatever the reason, failing to stay current on your mortgage payments can take a heavy toll on your credit and finances. Foreclosure can absolutely crush your credit score and have a serious long-term impact on your financial profile. Research from credit scoring firm FICO shows that a foreclosure could knock anywhere from 85 to 160 points off your credit score. The actions that you take at this stage of the game can have a dramatic impact on your credit and on your mortgage. So let's take a look at three key things to know. One is that if you find yourself struggling to keep up with the payments on your VA loan, talk with your mortgage lender or servicer immediately. Do not wait. Contrary to common belief, most lenders don't want to foreclose on homeowners. It is very much a costly and time-consuming process. Lenders and servicers may be willing to set up a repayment plan or give you extra time to make the missed payment or payments, or even modify the terms of your loan, typically by adding what you owe to the balance and essentially starting fresh. The bottom line is, at the first sign of trouble, contact your lender or servicer immediately. The next step, another option, is to contact the VA loan program directly. While the VA doesn't make home loans, they do have the authority to intervene on your behalf with your lender or your servicer. In fact, VA gets notified anytime a homeowner gets more than 60 days past due on their loan. But you absolutely don't have to wait that long to ask them for...
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Va hardship Form: What You Should Know
Unfair or Deceptive Trade Practice,” means any practice that: a. is fraudulent or has been made with intent to defraud; b. results in an asset being transferred from a veteran or veteran's estate with an annual value per unit of the transfer greater than the annual value of all assets in the Veteran's interest; or c. results in a veteran or veteran's spouse or former spouse in possession of an asset whose annual value per unit of the transfer does not equal the annual value of all assets in the Veteran's interest unless a substantial amount of property is donated, donated and in the immediate interest of the donor. [v] (2) “Hardship” means an undue burden or risk, arising out of an event or condition for which the VA will be paid, that, without more, would cause the Veteran to be unable to pay for the most basic and necessary of life care services, medical care or housing services. The Veteran may also apply for relief from an undue burden if the Veteran reasonably expects to be unable to pay for the most basic and necessary of life care services, medical care or housing services due to another disability. (3) To request relief from an undue burden, the veteran's attorney must submit a written request of the necessary documentation (or any part of the required documentation), to DMS as soon as possible but at least 3 (three) business days prior to the Veteran's anticipated discharge from VA medical care. No request for relief is required in the event the VA determines a Veteran with a current or future release from VA medical care as being entitled to benefit from an undue hardship. (4) A copy of the written request of necessary documentation to be submitted along with the written determination of undue burden and all other needed documentation. DMS must send a copy of the request for relief and all required documents to the VA within the 3 (three) business days described in (3). DMS further must provide the VA with a description of the specific assets or funds that the VA believes constitute undue hardship as described in (2) of §20-88.02. However, a decision by DMS concerning the undue hardship designation for VA's claims under §20-88.02 may not be made based on an inaccurate or incomplete listing or list of VA assets.
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