Federal Benefits for Veterans and Dependents - CT.gov
Federal Benefits for Veterans and Dependents - CT.gov
Federal Benefits for Veterans and Dependents - CT.gov
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Chapter 5 Home Loan Guaranty 50part of the late payments.• Forbearance: lender temporarily suspends payments to allow veteran time to accumulate funds to reinstate the loan orsell the property.• Loan Modification: lender provides a fresh start by addingdelinquency to the loan balance, <strong>and</strong> establishing a newpayment schedule.• Compromise Sale/Short Sale: lender approves a sale ofthe home <strong>for</strong> less than what is needed to payoff the loan.The remainder is written off <strong>and</strong>/or paid by VA guaranty.• Deed-in-Lieu of Foreclosure: lender accepts a deed to theproperty instead of going through a lengthy <strong>for</strong>eclosureprocess.VA does not have funds to lend veterans to make delinquent payments,but can offer financial counseling to veterans with VAguaranteed,conventional, or sub-prime loans. For veterans withVA-guaranteed loans, VA may be able to intercede with the lender tohelp arrange an option to <strong>for</strong>eclosure, but does not have that authorityon other loans. VA’s toll-free number <strong>for</strong> the Home Loan Guarantyprogram is 1-877-827-3702.VA Acquires Property ForeclosuresVA acquires properties as a result of <strong>for</strong>eclosures. CountrywideHome Loans, under contract with VA, is currently marketing the propertiesthrough listing agents using local Multiple Listing Services. Alisting of “VA Properties <strong>for</strong> Sale” may be found at http://va.reotrans.com. Contact a real estate agent <strong>for</strong> in<strong>for</strong>mation on purchasing aVA-acquired property.Loans <strong>for</strong> Native American <strong>Veterans</strong>Eligible Native American veterans can obtain a loan from VA topurchase, construct, or improve a home on <strong>Federal</strong> Trust L<strong>and</strong>, or toreduce the interest rate on such a VA loan. Native American DirectLoans are only available if a memor<strong>and</strong>um of underst<strong>and</strong>ing existsbetween the tribal organization <strong>and</strong> VA.<strong>Veterans</strong> who are not Native American, but who are married to NativeAmerican non-veterans, may be eligible <strong>for</strong> a direct loan underthis program. To be eligible <strong>for</strong> such a loan, the qualified non-NativeAmerican veteran <strong>and</strong> the Native American spouse must reside on<strong>Federal</strong> Trust L<strong>and</strong>, <strong>and</strong> both the veteran <strong>and</strong> spouse must have a
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