![]() VA guidelines do not allow an exception to exceed the 30 percent rule. They will review your loan to determine if the VAPCP is the best option for you and if you meet the requirements.ħ: What can be included in the partial claim amount?Īll missed monthly principal, interest and escrow payments for real estate taxes and insurance premiums to bring the loan current, not to exceed 30 percent of the current unpaid principal balance of the VA-guaranteed loan, can be included in the partial claim amount.Ĩ: What if my delinquent amount exceeds 30 percent? You should contact your loan servicer and review the available options as they pertain to your specific situation.Ħ: How do I apply if I want to use the VAPCP program? VA offers other options to avoid foreclosure. No, you are not required to use the program. However, since you will be executing a new note, it may be reported on your credit report as new loan account.ĥ: Am I required to use the VAPCP program? The VAPCP does not impact the credit rating of your current loan. No, the VAPCP does not impact your entitlement.Ĥ: Does the VAPCP impact my credit rating? Regardless of any option or alternative chosen, servicers should not require you to make a lump sum payment to bring the loan current. As a result, VA wants to avoid situations where servicers require all accrued missed payments during COVID-19 forbearance periods to be repaid immediately. VA understands the financial difficulty that the COVID-19 National Emergency has caused many borrowers. You must execute all required documents and provide them to your loan servicer no later than 120 days after your COVID-19 forbearance has ended.Ģ: Why is VA offering partial claim payments? In exchange for VA’s partial claim payment on your behalf, you will execute a security instrument to be recorded as a second lien and an interest free promissory note to repay VA the partial claim amount. This purchase amount is the partial claim payment. Upon VA review, VA purchases the forbearance indebtedness (past due) amount, not to exceed 30 percent of the unpaid principal balance of the VA-guaranteed loan. Once your loan servicer determines that the VAPCP is the best option for you, they will report to VA that a VAPCP will be completed. You agree to repay the partial claim amount to VA and allow VA to create a second mortgage lien on the property.ġ: How does the COVID-VAPCP program work?. ![]()
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