Veterans Affairs (VA) loans have specific guidelines about loss mitigation and loan modifications that differentiate them from traditional loans.
Unfortunately, it’s common for VA home loan modification guidelines to say one thing about loan modification implementation and for servicers to implement a different process or loan modification.
Navigating the VA loan modification process can be difficult. At Denbeaux Law, we have experience with this process and securing trial payment plans for homeowners with VA loans.
Contact Denbeaux Law today to learn more about how we may be able to help you through the VA loan modification process.
What Is a VA Loan Modification?
VA loans have specific loss mitigation options outlined for mortgage servicers in the VA servicer handbook. The handbook gives detailed information about when different types of loss mitigation are options, how they differ from traditional mortgages, and when they can be offered.
A VA loan modification is one of the loss mitigation home retention options outlined in the VA servicer handbook. Loan modifications have guidelines to protect homeowners from high fees or other unfair practices.
VA Loan Modification Servicer Issues
Sometimes, mortgage servicers don’t correctly follow the VA loan modification guidelines. Whether intentional or unintentional, it can be a major issue for homeowners that prevents them from getting the help they need to stay in their homes.
Navigating servicer issues with loan modifications can be extremely difficult, especially if you’re unaware of the VA loss mitigation guidelines and whether or not your servicer is following those guidelines.
An attorney can assist you with understanding the VA guidelines and negotiating with your mortgage servicer.
Contact an Attorney Today
Mortgage servicers not following the outlined rules can be a major issue, especially when it comes to loan modifications, and puts your homeownership at risk.
If you’re having issues getting a loan modification with a VA loan, contact Denbeaux Law. We have experience navigating VA loan modification issues and helping homeowners secure trial payment plans.
Contact Denbeaux Law today to schedule a consultation to learn more about how we may be able to help you.
