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The actions of a VA foreclosure are basically one and the same to those of any other foreclosure. The difference is in the loan process were the U.S. government has offered insurance to lenders on mortgages made by qualifying veterans of the armed forces. If a borrower becomes delinquent in the repayment of the mortgage then the VA foreclosure occurs along the same path as any other mortgage foreclosure. The individual borrower can seek assistance in understanding and responding to the VA foreclosure by using the resources offered by ApartmentStores Moving and Relocation.

The one variable in a VA foreclosure is that it is the government who moves to reclaim the mortgaged property instead of the mortgage lender. The process follows the same general outline as all other foreclosures do. If the homeowner of a VA loan realizes that there will be difficulty in making the payments as scheduled, a plan must be developed. Time is not your friend in this process and the problem will not simply disappear. Several important decisions will have to be made and the sooner the better. First, you must analyze your financial position. Is this a short term or long term problem? The answer to this question will determine the course to follow.

Refinance-if the circumstances that led to the default in the mortgage were short term, such as an illness or job change, then a refinance may be able to save the home, however, terms will probably not be as good as on the VA loan. Consider a 2nd mortgage if your finances have improved and you will be able to make the necessary payments.

Sell-if you have equity in your home, a quick sale may allow you to save at least some of it and will also keep a foreclosure from appearing on your credit bureau report

Again, it is important to remember that a VA foreclosure will take the same pathway as other real estate foreclosures. Decisions must be made and plans implemented in a short period of time. The usual foreclosure process takes from 45 days to 15 months depending on the state in which the homeowner lives. It is important that each individual determines what the legal requires are for the state in which they reside. ApartmentStores Moving and Relocation can provide assistance to the individual facing a VA foreclosure and are only a click of the mouse away.

Foreclosure is commonly misspelled as Forclosure.

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