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Veterans and Natural Disaster Relief

As a result of all of the devastation recently from many different Hurricanes and other natural disasters, the Veteran's Administration has issued current circulars in order to keep veterans who are affected by the disasters up to date on their options. Veterans who have been affected by a natural disaster need mortgage relief or other information on what they can do in the case of a disaster. The VA offers advice and help for all veterans who are in need as a result of a natural disaster.

The VA recognizes that not only veterans whose homes were in the hurricane devastation area were affected, but also many veterans and people across the country. Many families have fallen on difficult financial times as a result of businesses wiped out by natural disasters, and family from the disaster areas coming to live with them which is a financial strain. People in disaster areas not only lost their homes, but also lost their belongings, their jobs, and have no way of supporting themselves or their families. This means that if they have family that is willing to house them, their resources have to stretch even further because the displaced family now living in their home has to have food, clothes, and other costly needs. The VA refers to these people as borrowers that have been indirectly impacted by the disasters and have a financial hardship because of caring for more people. The displaced families that were directly in the devastated areas are referred to by the VA as borrowers that have been directly impacted by the disasters.

The VA is working with lenders and there are some relief options for direct and indirect impacted home owners to consider:

• Forbearance is available to many borrowers. This is where the VA mortgage company will allow the borrower to not make payments for a certain period of time.
• Waivers on late charges for borrowers are available. Many mortgage companies will not make borrowers who are affected by disasters pay charges if they are late on payments due to the uncontrollable financial circumstances.
• Many FHA approved mortgage companies will offer a moratorium on foreclosures for a certain period of time so that the borrowers can find new work and make the money to make payments before the foreclosure proceeding begin. This will allow the borrowers the time they need to avoid foreclosure.
• Lenders will also try to keep borrowers from bad credit ratings by suspending credit reporting for certain periods of time until the borrower can catch up on payments.
• For members of the National Guard who have been called to active duty and may have financial hardships because they had to leave their normal full time job may also be able to have these relief options available to them.
• There are also additional benefits offered by the VA to veterans in need as a result of natural disasters. Call 1-800-827-1000 for more information on benefits available.

The VA is doing all they can to help veteran keep their homes and their creit in good standing until they can get back on their feet. For more information on the VA programs to help veterans who were affected by the natural disasters click here. Learn more about FHA Home Loans and Mortgages for Veterans at MortgageLoanPlace.com.