Although the default rate for VA backed mortgages is well below the national rate for prime loans, in todays economy veterans might find themselves behind in payments. The VA has prepared a quick reference guide to avoid foreclosure and guide veterans to available resources. This assistance is available to any veteran. The VA suggests that any veteran who may be encountering a problem making their mortgage payments speak with their lending institution to explore their options. Depending on the specific situation there are several options that will avoid foreclosure. Some of the options available are:

1) Alternate repayment plan

2) Special forbearance

3) Loan modification

4) Additional time to arrange a sale

5) Short sale

6) Deed in lieu of foreclosure

7) Plus other options that the VA has available

The above options plus other solutions are explained in greater detail in the VA reference guide “Veterans Borrowers in Delinquency Quick Reference Sheet”.