Loan modification help for Temecula veterans
The family atmosphere of Temecula Valley has made it a magnet for many active duty military and veterans. Affordable housing and VA financing enabled many of them to achieve the dream of homeownership that wouldn’t have been possible in the pricier areas of San Diego and Orange County.
And just like many of the other homeowners in Temecula, veterans are struggling to make their payments and facing foreclosure. Well it appears that help is on the way.
VA loans historically have had among the lowest default rates because:
1) Veterans tended to take a lot of pride in homeownership
2) If they did lose the house in foreclosure they would owe the Veterans Administration for a portion of the loss.
But until last week they weren’t eligible for mortgage relief under the Obama adminstration’s HAFA/HAMP programs.
