You can, and should, avoid this. When Financial Troubles Arise When serious financial troubles arise, it is obvious that living expenses must be cut to the bone. Most of the luxuries previously enjoyed, and even some things which may have been thought of as necessary, may have to be dropped for a time. In order to help veterans in serious financial trouble, VA Regional Loan Centers have technicians available to conduct financial counseling. This counseling is designed to help you avoid foreclosure.
Every homeowner dislikes the idea of losing a home.
This could cause you to lose all you have paid in, spoil your credit standing, and possibly increase your present debts. Later, when your financial position has improved, you may again be able to buy a home of your own. There's also another very good reason for doing everything you can to avoid having your mortgage foreclosed. If such a proposition is made to you, ask the holder of your mortgage or the Loan Guaranty Division of the nearest VA regional office about it before you sign any paper. They will be glad to advise you whether or not the offer is good and sound.