The VA home loan program has the lowest delinquency and foreclosure rates of any U.S. mortgage program.  That said, there are still VA borrowers who occasionally get into financial trouble and can’t make their monthly mortgage payments.  For those borrowers who have fallen behind and are facing serious delinquency or foreclosure, there is free mortgage counseling available through the VA Regional Mortgage Center nearest them.

To get back on track and save a mortgage from foreclosure, a VA borrower can contact their loan servicer to find out which VA loan center is associated with the loan.  Or, if the borrower doesn’t want to talk to the loan servicer, information may be obtained by getting in touch with the local VA office.  By contacting the regional loan center, a borrower can begin discussing options with an experienced mortgage counselor.

Located in nine regional loan centers throughout the country, the counselors are specifically trained to assist military members in avoiding foreclosure.  The mortgage counselors, employed by the VA, can offer valuable advice and even make special financial arrangements with the loan servicer to save the loan.

VA counselors often contact lenders on behalf of VA borrowers to figure out what mortgage-saving options work best.  Common ones include repayment plans, forbearance, and loan modification.  Sometimes just a 100% VA refinance loan to a lower interest rate can be all it takes to get the payment affordable for a qualified borrower in distress.  Each option is an alternative to foreclosure and allows the VA borrower to stay in the home.

Whether it’s a repayment plan, forbearance, loan modification or 100% refinancing that ends up saving a VA loan from foreclosure, the free VA mortgage counseling program is working to keep veterans in their homes.