Home loans backed by VA have lower foreclosure rate

Bills.com News > Mortgage > Home loans backed by VA have lower foreclosure rate

Home loans backed by VA have lower foreclosure rate

Wednesday, Dec 9, 2009
By Lucy Sanderson

Some consumers may be having a hard time with debt relief when it comes to their home loans, which would include their ability to pay them off.

However, the Department of Veterans Affairs recently noted that home loans through its Home Loan Guaranty Program had a lower rate of foreclosure during the last fiscal year than other types of home loans. The program is designed to help veterans purchase a home,which they can often do without a down payment.

"The dedication of VA's loan professionals, the support of our partners in the mortgage industry and most importantly, the hard work and sacrifice of our veterans have made this possible," Eric Shinseki, head of the VA, said.

In addition to veterans, the program is available to acting-duty personnel and certain surviving spouses.

Of course, not everyone is or has been a member of the military, which means they don't qualify for the VA's program. However, there is other help being offered by the government for people facing foreclosure.
Some may qualify for debt relief through Home Affordable Modification Program, which is an attempt to help consumers reduce their monthly payments.

Recommended stories
• Some more optimistic about financial futures Though worries about debt relief may cause some people to feel timid about their financial futures, a recent poll shows that some are feeling positive about the coming years. Dec 08, 2009

• Americans still paying off credit card debt One way consumers may find some debt relief is by reducing the amount of credit card debt they have accumulated, and recent numbers from the Federal Reserve show people may
be doing just that. Dec 08, 2009

Resources that save you money
• You might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.

• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortgages from up to four providers.

• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.

• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .

Also, make sure to get a free financial health check-up with Bills IQ!
Information provided by Bills.com is for general informational purposes only and is not be construed as legal, financial, bankruptcy, tax or other professional advice. Should you require more detailed information or specific professional advice tailored to your situation you should consult an attorney, financial planner or tax advisor.

While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.