By September 13, 2010 0 Comments Read More →

Special Mortgage Relief Likely For Gulf Coast Veterans

Veterans along the Gulf Coast whose livelihood has been affected by the Gulf oil spill might be able to secure mortgage relief.

Several national mortgage companies have already assured veterans that late charges and negative credit reporting will be suspended in the wake of the disaster. The Department of Veterans Affairs is now pushing all mortgage companies and servicers to extend a helping hand to veterans in Gulf Coast states, regardless of whether they have a VA loan.

“We are strongly urging mortgage companies to extend every possible forbearance to Veterans whose livelihoods have been affected by the oil spill crisis,– Secretary of Veterans Affairs Eric K. Shinseki said recently, “through no fault of their own, many of our veterans are out of work and are struggling to earn an income. We must assist these veterans in this difficult time, just as they have supported us in their sacrifice to the nation.”

The reality is foreclosure isn’t always a viable option after natural disasters pummel a region. As RealtyTrac, the foreclosure listing and data company, has reported, Gulf Coast lenders mostly abandoned the idea of foreclosure after the 2005 hurricane season.

However, short sales may begin to see an uptick in Louisiana and across the Gulf Coast.

Veterans in need of mortgage counseling or help with their payments can contact the nearest VA Regional Loan Center at 1-877-827-3702. You don’t need to have a VA loan to utilize the agency’s counseling services.

Veterans in financial jeopardy because of the BP oil spill should also contact their mortgage company to discuss their options. Don’t wait to hear from them — the sooner the company is aware of the problem, the sooner officials can start working on a solution.

Lastly, there is a Gulf Coast Claims Facility for individual and business claims. For information, details, and to file a claim, go to:


Photo Source: NASA

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