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trouble repaying the loan

Published 08/06/2012 09:49 AM   |    Updated 08/06/2012 10:17 AM
If a veteran has trouble repaying the loan, what should he or she do?

It is best to talk with the lender as soon as possible to explain why the payments are late and when and how those late payments will be made. If there was a job loss, divorce, or other serious problem, and the regular monthly payments cannot be made, then it may be best to sell the home to avoid foreclosure. VA may be able to assist in arranging a repayment plan or other alternative to foreclosure. VA offers home loan counseling through its 9 Regional Loan Centers (RLCs). Call our toll-free number (800-827-l000) to request a call-back from a Loan Service Representative or click here for the phone number and address of the RLC closest to you.