Do you know anything about VA home loans?

Question

Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They forclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?

Answer 1

I am so sorry to hear this kind of thing happening to our veterans that served our country. It is horrible and I am very sad for you. I reviewed the guidelines and according to the VA regulations regarding entitlements for home loans it does not appear that your family member would be able to get another VA home loan. It would be a good idea to contact the Veterans Administration directly and inquire about obtaining another "certificate of eligibility", especially if there is no outstanding deficit judgment. Hope this helps!
FYI: if veterans have financial problems they can call the VA for help prior to the act of foreclosure or bankruptcy. See the below website and let any other veterans they can call for help, they are not alone!

Answer 2

I used to comprehend an outstanding purchase approximately VA loans while i became interior the real sources enterprise. i won't be able to think of that the information has replaced with regard to the regulations, yet ought to have because of the fact the ruin-down of the economic equipment in 08, For what it particularly is particularly worth: i might look at residences previously i might seem to the VA. a lot of them are being bought at 'hearth sale' expenditures, alongside with 'hearth sale' mortgages via banks suited now. The banks have much less regulations while they choose to sell off something. A VA own loan would not do a factor extra effective than ward off you from having 'own loan coverage' that Fannie or Freddie ought to require. Oops.. Fannie & Freddie are in dire straits suited now besides. the dwelling house you're dwelling in is f"falling aside and is a considerable wellbeing risk"?.... Who owns it? it particularly is one factor if it particularly is a condo, yet another factor in case you purchased it and permit it get that way. the main important reason the US economic equipment fell aside is as a results of the fact the banks gave decrease priced mortgages to those who would possibly on no account be waiting to maintain up with the money. Please do no longer settle for any own loan in case you are able to no longer arise with the money for it. i choose to hit the placed up button, yet on the different edge of me, i choose to yell very forcefully at you to "Get a grip, stay no longer expensive, and if that may no longer adequate the two decrease your standards or get an coaching to up your standards" thank you, good success GC

Answer 3

There's more to this story than what you are posting here. Under law, a lender cannot even report you as LATE within the first sixty days of purchasing/selling a loan.

Lenders don't start foreclosing on 'late payments'. They only initiate foreclosure when there is NO payment.

Either you are giving us half the story, or your family friend isn't telling YOU everything.

Answer 4

She can qualify for the VA loan again only if she is a vetern. She would need to get a certificate of eligibilty and she would still need to qualify for a mortgage based on credit and income.

Answer 5

My first question is, WHY WOULD SHE WANT TO? There are so many programs out there that may be a better fit. Do some research and find a local banker or broker that can help.