7 surprising perks of VA loans
Help's available if you run into trouble
With most mortgages, you're on your own if you run into financial trouble and can't make the payments.
Lost your job? Fallen ill and can't work? Going through a divorce?
That's too bad.
But the Department of Veteran Affairs provides its borrowers access to all sorts of emergency assistance and advice. That's why default rates on VA loans are so low.
If you’ve recently faced problems such as a job loss or sudden illness, VA Regional Loan Centers offer financial counseling specifically designed to keep your home out of foreclosure.
The counselor assigned to your case might negotiate a revised repayment plan with your lender or guide you through a sale if it's simply not possible for you to continue as the owner.
In extreme cases, the VA might even opt for what's called a deed in lieu of foreclosure, in which the government assumes ownership of the home and releases you from any future financial liability.