What happens if my VA loan is not paid on time?

Another question is: What happens if I default in a VA loan?

A VA loan default can lead to foreclosure. This means that the homeowner could lose their home to the lender. These veteran mortgages need to be paid on time, just like regular mortgages. A short grace period is granted to borrowers who are in financial trouble to repay their mortgage.

Do you also have to repay a VA loan for your home? All Veterans who use the VA Home Loan Guaranty benefit are required to pay a funding fee. This lowers the loan's price to taxpayers, as a VA loan does not require a down payment or has no monthly mortgage coverage. OR. Veteran receiving VA compensation due to service-connected disability.

How long does it take for a VA loan to be foreclosed?

Federal law gives homeowners, including those with VA loans, 120 days to find an alternative to foreclosure before foreclosure can start. If you are unable to resolve one of these options or any other loss mitigation option, foreclosure can begin.

What can the VA do to help you with foreclosure?

The Department of Veterans Affairs (VA), aims to assist Veterans in preserving their homes and avoiding foreclosure. Talk to a VA loan officer if you have difficulty making your mortgage payments. Call 877-827-3702 or visit www.benefits.va.gov/HOMELOANS/contact_rlc_info.asp.