Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Although buying within your means is the most logical way to prevent a VA loan foreclosure, circumstances beyond your control may leave you unable to keep up with your mortgage payments. In that situation, you have options that may allow you to keep your home.
The U.S. Department of Veterans Affairs has special guidelines under which your lender can re-amortize your home loan. The re-amortization process consists of assigning you a new home loan and rolling missed payments and fees into the new loan. The VA, however, cannot force your lender to agree to a re-amortization if the lender has policies against it or you do not meet the lender’s qualifications.
If you face foreclosure, you may request a loan modification. Because VA loans are serviced by the federal government, you can apply for the government’s Making Home Affordable loan modification program. Through this program, your monthly payments may be reduced, your interest rate may be altered or your home loan repayment period may be extended. The goal is to lower your mortgage payments and help you avoid losing your home.
Some state and local governments provide assistance for struggling veterans to make payments on their mortgages for a temporary length of time. Contact the U.S. Department of Veteran’s Affairs for a list of such payment assistance programs in your area.
- 3 Warning Signs of Loan Modification Scams
- Appraisal Basics
- Should You Refinance? Make Sure the Timing is Right
- FHA Eligibility with Bankruptcy and Foreclosure
- Home Equity Loans for People with Bad Credit
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- Low Down Payment Loan Qualification
- 3 Common Short Sale Mistakes