Housing

Since 1992, The U.S. Department of Veterans’ Affairs has offered a direct loan program for eligible Native American Veterans who want to buy or build a home on federal trust lands.  Private mortgage lenders will not make home loans for houses located on federal trust land. That includes the private lenders who make traditional VA loans.  Banks and mortgage companies are in business to make money.  They know that tribes are sovereign nations where state laws do not apply.  That makes it almost impossible for them to get a security interest in a home located on federal trust land.  How do they foreclose if the borrower defaults? With no private mortgage funding available, Native American Veterans living on the reservation needed a mechanism to help them purchase a home.

We have all seen famous actors on television advertising reverse mortgages and talking about how they provide seniors with a stream of income for their old age by tapping into the equity in their homes.  It sounds great!  But is it?  While there may be real benefits for some people, reverse mortgages come with high costs and other serious drawbacks you need to consider.  The more you know about reverse mortgages, the better equipped you will be to make a sound financial decision about something as important as your home.

What is a stipulated judgment?

A “stipulated judgment” – which is sometimes also called a “consent judgment” – is a voluntary agreement between the parties involved in a legal dispute that operates to settle the case. First, each party specifically states – or “stipulates” – in a signed writing that they wish to be legally bound by the terms of the agreement. That agreement is then brought to a judge, who reviews it to make sure that its content is consistent with the law and is fair to both parties. Once the judge has approved the agreement, it becomes an official judgment of the court, which means that the parties must obey it.

After a foreclosure is complete and the home is sold, a borrower may still owe money if the sale price of the house was not large enough to cover the amount owed on the loan, this is called a deficiency.  In many cases borrowers are protected from a deficiency by Arizona’s anti-deficiency statutes, which prevent lenders from pursuing the borrower if the home is sold for less than the total owed on the home loan. 

The Military Family Relief Fund offers funding to families of currently deployed and veteran servicemembers who have suffered hardship due to deployment in a combat zone. Funds are limited, and decided by 12 person advisory committee. If you believe that you or your family may qualify and would like further information about the program please click here.

 

Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More 

Adapted Housing Grants help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More 

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. It provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

For more information please go to: http://www.benefits.va.gov/homeloans/

When the housing market collapsed a few years ago, many people were left with homes and mortgages they could no longer afford.  Veterans and active duty military families were hit especially hard.  Military families move, on average, once every three years.  Many were accustomed to purchasing a home when they arrived at a new assignment and then selling it when they were transferred to a new posting.  Then, the balloon burst, and housing prices plummeted.  Military families and veterans found themselves stuck with houses that were worth a fraction of the purchase price.  They couldn’t sell and they were underwater on the mortgage.

This website has been prepared for general information purposes only. The information on this website is not legal advice. Legal advice is dependent upon the specific circumstances of each situation. Also, the law may vary from state-to-state or county-to-county, so that some information in this website may not be correct for your situation. Finally, the information contained on this website is not guaranteed to be up to date. Therefore, the information contained in this website cannot replace the advice of competent legal counsel licensed in your jurisdiction.

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