undefinedWhat is the name of your state?Texas
Question - We applied for a home loan using my husband's VA benefits. We were granted the loan, but two years later, my husband lost his job. After many months of searching for employment, he then decided to return to college to further his education. We were unable to make our mortgage payment and our home went into forclosure. Prior to this happening, we visited an attorney to see what our options were. We knew we would be "upside down" on our home loan once it went into default. After VA aquired our loan and re-sold our home, it left us with a $20,000 + debt owed to the VA. Our attorney instructed us to make a monthly payment on the loan - even if it was only $1.00 a month. This would keep the forclosure from showing up on our credit report as "non-payment". We recently received a notification letter from VA stating that we must now submit our financial history to them so that they can put us on a scheduled payment plan. They are threatening to turn this over to a collection agency if we do not provide them with the information they are requesting. Can they do this? We are making monthly payments and have been for the past 12 years. Any assistance would be appreciated.
Question - We applied for a home loan using my husband's VA benefits. We were granted the loan, but two years later, my husband lost his job. After many months of searching for employment, he then decided to return to college to further his education. We were unable to make our mortgage payment and our home went into forclosure. Prior to this happening, we visited an attorney to see what our options were. We knew we would be "upside down" on our home loan once it went into default. After VA aquired our loan and re-sold our home, it left us with a $20,000 + debt owed to the VA. Our attorney instructed us to make a monthly payment on the loan - even if it was only $1.00 a month. This would keep the forclosure from showing up on our credit report as "non-payment". We recently received a notification letter from VA stating that we must now submit our financial history to them so that they can put us on a scheduled payment plan. They are threatening to turn this over to a collection agency if we do not provide them with the information they are requesting. Can they do this? We are making monthly payments and have been for the past 12 years. Any assistance would be appreciated.