I do not represent people in loss mitigation negotiations involving mortgage loans. I do, however, represent people in Bankruptcy who frequently are having problems with a mortgage. So, I see a lot of mortgage issues. One thing that I am seeing a distressing amount of is people who have a VA mortgage, get into trouble, wind up talking to their mortgage servicer and are never offered VA loss mitigation procedures.
I am not claiming to be an expert on VA loss mitigation. However, if I had a VA loan and I was having trouble making the payments; I would be reading two things. One is a 30-page publication put out by the VA called their Servicer Loss Mitigation Program. The latest version I have found is dated July, 1997. If anyone finds a newer one, please let me know. In the meantime, you can download a copy from my website’s Foreclosure page. You will find a link to it in the left-hand panel towards the bottom.
The other thing that I would be reading is essentially a memo put out by the VA describing the “VA Making Home Affordable Program” dated January 8, 2010. I found this at the VA’s own web site.
If you have a VA loan, are having trouble making the payments and are getting workout or mitigation procedure communications from your mortgage servicer that don’t include the words “Veterans Affairs” or “VA”, you need to contact the VA or somebody who knows a lot about VA loss mitigation. Make sure that you are getting everything you are entitled to as a Veteran with a VA loan.