What sucks about this I was in a forbearance COVID. The HARP Program never addressed VETERANS. I was forced to remodify during the time that VA told lenders to hold off back in 2023. My loan was modified during this period to a 6.75% From a 2.25% and went from a 1675 month payment to 2500. Now I lost more income and can’t make my new payments. I have a moral obligation to keep making payments and am scared to death of foreclosure.
I did in November when I read over the loan documents. The Minneapolis office informed me that the HARP Program did not have anything for veterans and the VA was lagging behind. I spoke to a person in Atlanta and was informed about the VASP Program and that it was only for those who are in an ACTIVE FORECLOSURE. I’m just scared to death of having to be evicted because I can’t even make the minimum payments now. My only option would be to not make my payments and put the money in my savings account until the house goes into foreclosure. But then that would be gaming the system.
@@Jim37042Patterson That's pretty scary and there's definitely an unknown to this. The VA is active in preventing foreclosure once you hit that mark. From what I can tell, the VA still needs to put out a lender guide to see who qualifies. If you can't make the current payment and you've expressed this to the lender and the VA - they will only be able to help you once you start missing payments and go into the foreclosure process (as crazy as that sounds). If you can afford the old payment, it's more likely than not that you will be able to modify the loan to the new VASP rate and keep your home (it makes sense). The program officially kicks off at the end of May. NOTE: Your credit will be heavily affected once you start missing payments. You won't be able to take out new debt once you have your first late. The good news, those lates will fall off in 7 years. If you go down this route, make sure you get whatever credit card or car loan you need before your 1st late.
It is definitely gaming the system if you do that. But you gotta play that game if you want that 2.5% rate. For me, I'm OK with the 5% I'm at and I'm not going to gamble foreclosure/bankruptcy just for a rate change. If it didn't come at the cost of our credit, we would all definitely jump on this 2.5% train. But it's targeted for people who are currently behind on their mortgage payments, and even then, it's up to the lender to apply to the VASP. They aren't obligated to do so. Unless there's a clause they "have to" because you have a VA guaranteed home loan. Idk how mines works because I went with the Texas Veteran land and board loan which is similar to VA loans I believe but I don't know the intricacies to give you legal advice lol. Good luck though man, sounds like you might need to sell that bitch and live out that VAN life for couple years.
Great question! You'll have to consult with a bankruptcy attorney, as every state has different rules. I'm not an attorney, but I see people who file for BK (it also depends on which one) and include or exclude the house from that process. If you have a VA Loan, I recommend contacting the VA at 877-827-3702. By the way, great guitar skills!
@@vahousingeducation oh man! Thanks for checking out my channel! Thanks for the info. Trying to head my situation off at the pass. I’m a 100% disabled retired vet on SSDI as well. Our situation has gotten away from us and I’m exploring options to get it back under control. Thanks for responding so fast.🙏🏻🙏🏻🙏🏻
Now I hear first they’re going to see if borrowers qualify with 40 yr fixed instead of a 30 yr. If that doesn’t work then they’ll start the process of buying your loan
The VA can be all over the place at times. The program is supposed to kick off at the end of this month. It's also kind of weird that they have the authority to service loans.
Yeah it’s interesting and terrifying all at the same time. I’m going through this process right now so I will give an update when possible for my situation.
What about the veterans who have made their payments regardless. I am a 100% Disabled Veteran and have always made my payments. I get a great job, but if I screw up and don't make the payments, you redo the loan interest rate. I want a 2.5 rather than the 4.6 I'm paying . I'd save thousands over the loan. Again Fook Up Go Up...
@RedneckBudweiser I know the feeling! The reason behind them offering the 2.5% rate is that the VA botched the whole deployment of the COVID-19 forbearance plan. At that time, the rate was around 2.5%. The whole screw-up basically didn't allow veterans who went into a forbearance program (because lenders looked at them as foreclosures-how special is that!?!) to refinance. But I'm with you, what happens to all the veterans and families that have to make higher rate payments. I bought not too long ago and I'm in the 6's, I'd love a 2.5%. It saves a crazy amount of interest.
Do I need to continue to try to pay my mortgage while I’m waiting on my servicer to implement VASP? I can never get caught up . I’ve already been through modification, Covid relief etc. they say they won’t transition to VASP until October, then THEY have to recommend me to VA for VASP
@@sjustice5254 Sorry, I didn't see this message. You'll have to contact the servicer on what they want you to do. Sorry, I wish I had a better answer but the VA is being VERY vague.
This program needs to be implemented to all vets. Everyone is struggling.
I would definitely reach out to the VA and voice your option! Here's the number - 877-827-3702.
What sucks about this I was in a forbearance COVID. The HARP Program never addressed VETERANS. I was forced to remodify during the time that VA told lenders to hold off back in 2023. My loan was modified during this period to a 6.75% From a 2.25% and went from a 1675 month payment to 2500. Now I lost more income and can’t make my new payments.
I have a moral obligation to keep making payments and am scared to death of foreclosure.
Sorry to hear, did you reach out to the VA Regional Loan center for help? Is the new $2,500 payment including the amount you defered?
I did in November when I read over the loan documents. The Minneapolis office informed me that the HARP Program did not have anything for veterans and the VA was lagging behind. I spoke to a person in Atlanta and was informed about the VASP Program and that it was only for those who are in an ACTIVE FORECLOSURE. I’m just scared to death of having to be evicted because I can’t even make the minimum payments now. My only option would be to not make my payments and put the money in my savings account until the house goes into foreclosure. But then that would be gaming the system.
@@Jim37042Patterson That's pretty scary and there's definitely an unknown to this. The VA is active in preventing foreclosure once you hit that mark. From what I can tell, the VA still needs to put out a lender guide to see who qualifies. If you can't make the current payment and you've expressed this to the lender and the VA - they will only be able to help you once you start missing payments and go into the foreclosure process (as crazy as that sounds). If you can afford the old payment, it's more likely than not that you will be able to modify the loan to the new VASP rate and keep your home (it makes sense). The program officially kicks off at the end of May. NOTE: Your credit will be heavily affected once you start missing payments. You won't be able to take out new debt once you have your first late. The good news, those lates will fall off in 7 years. If you go down this route, make sure you get whatever credit card or car loan you need before your 1st late.
It is definitely gaming the system if you do that.
But you gotta play that game if you want that 2.5% rate.
For me, I'm OK with the 5% I'm at and I'm not going to gamble foreclosure/bankruptcy just for a rate change. If it didn't come at the cost of our credit, we would all definitely jump on this 2.5% train.
But it's targeted for people who are currently behind on their mortgage payments, and even then, it's up to the lender to apply to the VASP. They aren't obligated to do so. Unless there's a clause they "have to" because you have a VA guaranteed home loan. Idk how mines works because I went with the Texas Veteran land and board loan which is similar to VA loans I believe but I don't know the intricacies to give you legal advice lol.
Good luck though man, sounds like you might need to sell that bitch and live out that VAN life for couple years.
Thank you for dropping a comment! Appreciate it brother!
Liked and commented for the algorithm. Good luck playa!
Thank you for the support!
How does filing for bankruptcy affect your home loan?
Great question! You'll have to consult with a bankruptcy attorney, as every state has different rules. I'm not an attorney, but I see people who file for BK (it also depends on which one) and include or exclude the house from that process. If you have a VA Loan, I recommend contacting the VA at 877-827-3702. By the way, great guitar skills!
@@vahousingeducation oh man! Thanks for checking out my channel! Thanks for the info. Trying to head my situation off at the pass. I’m a 100% disabled retired vet on SSDI as well. Our situation has gotten away from us and I’m exploring options to get it back under control. Thanks for responding so fast.🙏🏻🙏🏻🙏🏻
@@remembertheblacksabbath Of course, hopefully you'll get something figured out.
Now I hear first they’re going to see if borrowers qualify with 40 yr fixed instead of a 30 yr. If that doesn’t work then they’ll start the process of buying your loan
The VA can be all over the place at times. The program is supposed to kick off at the end of this month. It's also kind of weird that they have the authority to service loans.
Thank you for watching!
Yeah it’s interesting and terrifying all at the same time. I’m going through this process right now so I will give an update when possible for my situation.
My rate is 3.2. Of course this is from about a decade ago.
That’s awesome!
Can
Maybe
Outstanding 🫡🫡🫡
What about the veterans who have made their payments regardless. I am a 100% Disabled Veteran and have always made my payments. I get a great job, but if I screw up and don't make the payments, you redo the loan interest rate. I want a 2.5 rather than the 4.6 I'm paying . I'd save thousands over the loan. Again Fook Up Go Up...
@RedneckBudweiser I know the feeling! The reason behind them offering the 2.5% rate is that the VA botched the whole deployment of the COVID-19 forbearance plan. At that time, the rate was around 2.5%. The whole screw-up basically didn't allow veterans who went into a forbearance program (because lenders looked at them as foreclosures-how special is that!?!) to refinance. But I'm with you, what happens to all the veterans and families that have to make higher rate payments. I bought not too long ago and I'm in the 6's, I'd love a 2.5%. It saves a crazy amount of interest.
Do I need to continue to try to pay my mortgage while I’m waiting on my servicer to implement VASP? I can never get caught up . I’ve already been through modification, Covid relief etc. they say they won’t transition to VASP until October, then THEY have to recommend me to VA for VASP
It looks like it might be at the end of the year now. Is going to be based on the service if they recommend the VASP program.
@@vahousingeducation Do I need to continue to try to pay my mortgage while I’m waiting on my servicer to implement VASP?
@@sjustice5254 Sorry, I didn't see this message. You'll have to contact the servicer on what they want you to do. Sorry, I wish I had a better answer but the VA is being VERY vague.