VA Loan Foreclosure – What It Means For You

Description

Foreclosure is obviously a difficult financial blow for many military homeowners. However, it is important to understand that defaulting on a home loan, even if it was a VA-backed loan, does not mean that another VA loanis an impossibility. In fact, it is entirely possible to secure another VA loan after going through a foreclosure, short sale, or even a deed-in-lieu of foreclosure. To effectively navigate these murky waters, you simply need to know how to proceed as well as what your responsibilities and benefits are. ,Q PRVW FDVHV \RX·OO QHHG WR ZDLW D SHULRG RI \HDUV SULRU to pursuing a new mortgage. In that time, you can typically work on repairing and strengthening your credit so that you are a more viable candidate once you are ready. As long as it is apparent that a borrower was not trying to take advantage of the market, most lenders do not have a waiting period or a time requirement following a short sale. However, FHA homeowners who do undergo a short sale may be required to wait additional time before proceeding. A default on federal debt often forces potential buyers to wait 3 years prior to being eligible for a VA-backed loan.

Informations

• Publié par: garydavidwilliams
• Publié le: 18 août 2016
• Nombre de lectures: 0
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Foreclosure is obviously a difficult financial blow for many military homeowners.

However, it is important to understand that defaulting on a home loan, even if it was a VA-backed loan, does not mean that another VA loanis an impossibility.

In fact, it is entirely possible to secure another VA loan after going through a foreclosure, short sale, or even a deed-in-lieu of foreclosure.

To effectively navigate these murky waters, you simply need to know how to proceed as well as what your responsibilities and benefits are.

In most cases, you’ll need to wait a period of 2 years prior to pursuing a new mortgage.

In that time, you can typically work on repairing and strengthening your credit so that you are a more viable candidate once you are ready.

As long as it is apparent that a borrower was not trying to take advantage of the market, most lenders do not have a waiting period or a time requirement following a short sale.

However, FHA homeowners who do undergo a short sale may be required to wait additional time before proceeding.

A default on federal debt often forces potential buyers to wait 3 years prior to being eligible for a VA-backed loan.