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Is there a program to lower my current VA home loan to fair market value due to market crash?

by kconna_988_317 from Yukon, Oklahoma. Mar 26th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

HAMP is a government sponsored loan modification program, however it intended for struggling home owners.. If you lost your job, suffered a severe illness, the death of a wage earner, etc.. then you might qualify for some assistance, however if your only hardship is that you now own a home that is worth less than what you owe, yet you can afford the payments, then there is no assistance for that scenario.. Also keep in mind that most HAMP loans don't offer principal reduction.. To lower the monthly payment, they first will recast your loan out to 30 to 40 years.. Then they will reduce the interest rate.. The last thing they do is lower the principal.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 26th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,144 contributions

No. On a VA loan, the best you will be able to arrange is a rate and payment reduction. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 26th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Principal reduction loans are very rare and I have not heard of any for a VA loan.

Mar 26th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

You can do a VA refinance and lower the interest rate, using the savings to pay it off more quickly. Property values are coming back in many areas. Be patient, the lender isn't responsible for the housing market crash and there is no reason they would spend millions/billions of $ to lower mortgage balances. That is somewhat equivalent to asking a company to reimburse you for a change in the stock value.

Mar 26th 2013
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Bartolomeo Castelli (BartCastelli)
#33 ranked lender in Missouri - 1,056 contributions

You certainly can look into the possibility of lowering your interest rate, but unfortunately, there is no program out there that will lower your loan amount due to the market crash.

Mar 26th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

No programs to lower principle but you can possibly lower your interest rate.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 26th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 401 contributions

A VA IRRRL (aka Streamline Refinance) to lower your rate and/or term is your best option. Select a local lender from this forum who can help you. Good luck!

Mar 26th 2013
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Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

Yukon isn't in an approved area for Principle write-downs. Oklahoma compared to the rest on the country has been stable.

Mar 26th 2013
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

Look into a VA streamline refinance loan, which can potentially lower your interest rate even if you owe more than your home is worth.

Mar 26th 2013
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Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

I'm in the Ft. Hood TX. Home of the largest military base in the world and the VA capital of the US. Although there isn't a program available to reduce your loan balance; there a loan to help reduce your interest rate. We can do this loan without a new appraisal. So it doesn't matter if the value is no longer the same as when you bought it. Please feel free to contact me and I'll walk you through the process. Ray 254-449-7196 or rlewis@englending.com

Mar 26th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

I know of none.

Mar 26th 2013
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