All Posts Tagged With: "VA"
JP Morgan Chase Meltdown Highlights Need to Protect Military Borrowers
Lending giant JP Morgan Chase is refunding 4,000 military members about $2 million after violating provisions of the Servicemembers Civil Relief Act, a landmark piece of legislation that provides foreclosure safeguards for those who serve. Chase officials have acknowledged the mistakes and say they are in the process of rectifying the problems. The company also [...]
31Jan2011 | Chris Birk | 0 comments | Continued
Struggling VA mortgage borrowers get cash relocation assistance
Veterans who lose their homes to a short sale or a deed-in-lieu of foreclosure can receive up to $1,500 in relocation assistance. The VA has for years encouraged mortgage servicers to work with veterans on the edge of default. Now, the agency has directed its approved servicers to provide that cash advance to borrowers who use [...]
19Jan2011 | Chris Birk | 0 comments | Continued
Freddie Mac halts military service member foreclosures
Large numbers of American service members struggling to pay their mortgages will receive a foreclosure reprieve through 2011. Freddie Mac in mid-December announced a sweeping foreclosure moratorium for service members who are released from active duty. They’ll get at least nine months of safety net, provided their mortgages are backed by the government-sponsored enterprise. In [...]
5Jan2011 | Chris Birk | 0 comments | Continued
Are demands for higher FHA mortgage loan credit scores discriminatory?
Can lenders demand a higher credit score than
20Dec2010 | Peter G. Miller | 0 comments | Continued
Here’s how a foreclosed vet can get a new VA mortgage
Countless service members have been told otherwise by bank officials, mortgage brokers and others but the truth is a little different: Foreclosure on a previous VA loan does not preclude a vet from getting another VA loan. Instead, the more important question involves how much of a loan the veteran will be able to obtain [...]
6Dec2010 | Chris Birk | 0 comments | Continued
Military families ask: what’s a VA mortgage entitlement?
Entitlement is one of the cornerstones of the VA Loan Guaranty program. It’s also one of the most consistently confusing aspects of the whole eligibility and financing process. And it’s not just borrowers — the nooks and nuances surrounding entitlement confound industry experts, too. Veterans eligible to participate in the VA Loan Guaranty program have anentitlement, which [...]
23Nov2010 | Chris Birk | 0 comments | Continued
Mortgage Loan Limits — Conventional, FHA, VA
The high mortgage loan limits and policies started during the foreclosure worries of 2008 will continue through 2011. Note: This material is now out of date. Please go to: FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick. There are several types of mortgage loan limits. Generally, most borrowers need to look at FHA [...]
15Nov2010 | Peter G. Miller | 1 comment | Continued
VA Compromise Loans Help Vets Avoid Mortgage Foreclosure
American service members underwater on their VA mortgage are facing some grim realities when trying to sell their homes. Values have plummeted in the current market, which can create a devastating gap between what a veteran can sell their home for and what they still owe on their loan. But the VA, which has an [...]
3Nov2010 | Chris Birk | 1 comment | Continued
Military Families To Get Mortgage Relief
Military families struggling to stay current on their mortgage payments may be in line for some relief. Fannie Mae and some of the country’s top mortgage lenders have agreed to establish special forbearance procedures for Armed Forces members. Service members injured on active duty can have their mortgage payments reduced or eliminated for up to [...]
18Oct2010 | Chris Birk | 0 comments | Continued
VA Mortgage Streamlines: Hotter Than Ever But Harder to Get
Purchase loans continue to sag with the housing market in freefall. But record-low interest rates have helped home refinancing loans surge in recent months. Scores of military homeowners have seized the opportunity and secured lower monthly payments on their VA mortgage with an Interest Rate Reduction Refinance Loan, better known as a VA Streamline. This [...]
29Sep2010 | Chris Birk | 0 comments | Continued
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