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Refunding
How does this program help me?
If you have a Veterans Administration loan, and you are headed into foreclosure, VA has a program where they will buy your loan from your lender. This is called "Refunding" the loan. Remember, VA does not own your loan, they simply guaranteed that if you ever walked away from your home they would reimburse your lender for their losses. VA uses the Refunding Program to take control of the loan so you and VA can work directly together.
Who should I contact?
Only your servicer can do this program. Your servicer is the company you mail your monthly mortgage payments to. Get out your monthly mortgage statement and call the customer service number on it. Let them know you want to apply for a VA's Refunding Program. It is often their "loss mitigation" department that handles these types of programs so they might transfer your call there.
What should I expect?
Be prepared to be persistent. Since this program can only be done by your servicer you are relying on the knowledge of the person that answers the phone. If they don't know what the program is ask to speak to a supervisor.
Once you have the right person be prepared to explain the situation and how it will change for the better. You will probably be asked to provide some personal financial documents and an explanation, or "hardship" letter. Be sure to check out our resources section for a list of financial documents to get together.