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Trouble Making Payments?

If you fall far behind on your mortgage payments, your mortgage servicer (the company that handles collecting the money for your lender) can take your house to cover the money owed. This process is called foreclosure. Find out how we can help you avoid foreclosure and keep your house.

Can I get VA financial counseling to help avoid foreclosure?

  • If you’re a Veteran or the surviving spouse of a Veteran, we’ll provide financial counseling—even if your loan isn’t a VA direct or VA-backed loan.

  • If you have a VA direct or VA-backed loan, you can contact us anytime to request that we assign a VA Loan Technician to your loan. Our technicians can offer you financial counseling and help you deal with your servicer (or work with you directly in the case of a VA direct loan).

  • If you have a VA direct or VA-backed loan and it’s 61 days past due, we’ll automatically assign a VA Loan Technician to your loan.


What should I do if I’m having trouble paying my mortgage?

If you’re late with a mortgage payment, or think you might be late with your next payment, contact your loan servicer right away. The sooner you contact them, the sooner they can help you find a solution.

If you’re nervous about contacting your servicer, or if you’d like our help and advice, please contact a VA Loan Technician at 877-827-3702.


How can I avoid foreclosure?

There are 6 general ways you can try to avoid a foreclosure:

  1. Repayment plan: If you’ve missed a few payments, this plan lets you go back to making your regular payments, with an added amount each month to cover the ones you’ve missed.

  2. Special forbearance: This plan gives you some extra time to repay the missed payments.

  3. Loan modification: Sometimes you need a fresh start. This plan lets you add the missed payments and any related legal costs to your total loan balance. You and your servicer then come up with a new payment schedule.

  4. Extra time to arrange a private sale: If you need to sell your home, this plan lets you delay a foreclosure so you have time to sell.

  5. Short sale: If you owe more money than your house is worth, your servicer might agree to a short sale. This means the servicer will accept the total proceeds from the home sale (even if it’s less than the full amount you owe on the mortgage) as full payment of the debt you owe.

  6. Deed in lieu of foreclosure: This plan lets you avoid the foreclosure process by signing over the deed to the home to your servicer. The home will then belong to the servicer.

Our VA Loan Technicians can help you figure out which option is best for you. Contact a VA Loan Technician at 877-827-3702.