>>>>From the National Organization,
Home loans guaranteed by the Department of Veterans Affairs continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry, and VA loan originations have reached their highest total in eight years, VA has announced.
According to VA, the department helped 72,391 veterans and servicemembers last year who were in default on their mortgage loans to retain their homes or avoid foreclosure – an increase from 66,030 in 2010. VA also reports that foreclosure on loans it has guaranteed has dropped 28 percent.
In fiscal 2011, VA guaranteed 357,594 loans, an increase of nearly 14 percent over the prior year. Currently, the department claims over 1.5 million active home loans.
VA employs loan servicers nationwide who are ready to assist servicemembers in loan procurement and foreclosure assistance. Their goal is to help the servicemember or veteran avoid financial windfall, damage to credit and, most importantly, foreclosure of the home.
VA recommends that any veteran or servicemember who is having trouble making home payments contact a local VA loan specialist. Specialists can also be consulted with over the phone at (877) 827-3702.