Mortgage Servicing Assistance
The Consumer Financial Protection Bureau and VA are issuing their first, ‘Warning Order’, to service members and Veterans with VA home loans. If you have a VA home loan, then there is a good chance that you have already come into contact with unsolicited offers to refinance your mortgage that appear official and may sound too good to be true. Some lenders marketing VA mortgage refinances may use aggressive and potentially misleading advertising and sales tactics. Here is what you need to know about refinancing your VA home loan, please go to this link to learn more information.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. These lenders then sell the loans to servicers, or service the loans within their own companies.
VA provides guidance and policies to servicers so they can provide solutions to borrowers having difficulties in retaining their property or avoid foreclosure. VA also provides guidance with current loans if issues arise with servicers.
If you are a borrower and want to contact the VA Loan Guaranty Office regarding any aspect of your mortgage, please call 1-877-827-3702, with hours of operation from 8am to 6pm, EST.
Please visit the trouble making payments web page if you have financial trouble or some other circumstance regarding your VA home loan.
