Many veterans are staring down mortgage default in the wake of the BP oill spill, as jobs and industry have suffered a serious blow along the Gulf Coast.
A bit of help might finally be on the way.
Some mortgage companies have already begun waiving late fees and postponing negative credit reporting for veterans affected by the spill. The Secretary of Veterans Affairs recently urged all mortgage firms and financial institutions nationwide to take similar measures and help soften the economic blow for the those who have served.
“Through no fault of their own, many of our veterans are out of work and are struggling to earn an income,” VA Secretary Eric K. Shinseki said in a news release. “We must assist these veterans in this difficult time, just as they have supported us in their sacrifice to the nation.”
Veterans facing foreclosure anywhere in the United States can seek help from the VA. In many cases, especially with conventional loans, veterans should also contact their mortgage servicer as soon as possible to discuss potential solutions. Veterans interested in talking with a VA mortgage counselor can find their closest Regional Loan Center by calling 1-877-827-3702.
Photo thanks to SouthernTabitha under creative common license on Flickr.