missed payment delinquency veteran home loans

VA Loans

Veteran Home Loans: Missed Payments & Delinquency

Financial ups and downs are a part of life. This is no different for service members and Veterans. If you are a Veteran who is experiencing financial hardship, you may be worried about your home loan. Missed mortgage payments and delinquency can be stressful matters to deal with. 

Below, we’ve provided some information on what happens when you fall behind on repaying your Veteran home loan


What Happens When You Miss a Payment on a VA Loan?

Missing a payment on your VA loan can be stressful, but it’s not the end of the world. It is, however, extremely important that you act fast. Here’s an explanation of what happens after a missed mortgage payment.


36 Days Past Due

The earliest time for a lender to report a missing mortgage payment is 36 days after it is due. After that, your lender might report the missed payment to a credit reporting agency. As a result, your credit could be impacted.

However, many lenders are willing to work with their customers when it comes to late or missing payments. But it’s your job to reach out and let them know about your situation. The sooner you contact your lender, the better. You may be able to work out a payment plan or another option that allows you to catch up on your mortgage.


45 Days Past Due

Missing or delaying your payment beyond 45 days is a very serious matter. At this point, your options in regard to what can be done about your situation start dwindling quickly. 

When you are 45 days past due on your mortgage, your customer service professional will attempt to establish “live contact” with you. You might also start receiving notices in the mail from your lender about loss mitigation options. 

At this stage, it is essential to take immediate action. Contact your lender immediately to discuss your Veteran home loan.


121 Days Past Due

At this point, your lender is left with few options. They might decide to bring your case to a foreclosure attorney. If they do, you will be at serious risk of losing your home.

To avoid foreclosure, you will need to work directly with your lender. They may require you to enroll in an active loss mitigation plan. 

Please do not wait until this point to do something about your missed payments. If you’re having trouble paying your mortgage, it’s so important to contact your lender early on.


Contact Mortgage Solutions Financial Today

Do you have questions or concerns about your Veteran home loan? Mortgage Solutions Financial is happy to help. Call our office today to get in touch!