By David Reed
In 1944, Congress enacted the GI invoice to thank the lads and girls who served within the defense force for his or her exertions and commitment. the most useful advantages incorporated within the invoice used to be the VA mortgage. yet forms and stringent tactics have made utilising and qualifying for those loans advanced and unwieldy. "Your consultant to VA Loans" is the 1st ebook to steer veterans in the course of the method. Readers will detect how you can verify no matter if VA loans are correct for them, tips to follow, and the way to house universal difficulties that come up. loan specialist and writer David Reed has greater than 30 years of expertise assisting dealers navigate complex mortgage strategies. whole with a advisor to nearby source facilities, pattern mortgage purposes, money tables and a word list of phrases, this seminal advisor can assist all veterans totally benefit from the advantages they wish and so richly deserve.
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Additional info for Your Guide to VA Loans: How to Cut Through The Red Tape and Get Your Dream Home Fast
Foreclosures Foreclosures mean the borrower couldn’t or didn’t pay back the lender and the lender took the house back. Most often, foreclosure proceedings begin after three successive payments have been missed. It’s an intense ordeal. It’s the method of last resort for most homeowners, and it’s also the last resort for lenders. Lenders aren’t in the business of foreclosing on properties. It means either the lender made a mistake in issuing a mortgage loan in the ﬁrst place or something bad happened after the loan was ﬁrst issued, such as a loss of job, illness, or death in the family.
If you’re applying for a VA loan and a mistake pops up on your credit report, your loan ofﬁcer can provide a paid statement and clear title, fax it directly to her credit account representative, and within a few hours the mistake is corrected. ) A mortgage company may not even need to correct anything on the credit report if the collection account is relatively minor compared to your entire credit proﬁle and you provide third-party documentation of the error. But what if it’s not a mistake? What if you can’t back up your claim or otherwise dispute the information being reported?
But not everyone has a choice in how to ﬁle. In 2005, bankruptcy laws were changed dramatically, and not necessarily in favor of the consumer. It used to be that if a consumer wanted to ﬁle for bankruptcy, she would decide on her own if she wanted to pay anyone back at all or simply wipe out all her revolving and installment debt completely, getting a brand-new start by choosing to ﬁle a Chapter 7 or Chapter 13. Now, however, a consumer doesn’t have a ‘‘choice,’’ but instead has a test she needs to go through.