Veterans Affected By Oil Spill Offered VA Assistance

September 2, 2010 - Department of Veterans Affairs (VA) backed mortgages have the lowest rates of serious delinquencies and foreclosures of all the mortgages in the entire housing industry. The value that the housing industry places on VA backed home loans may be helping veterans in more ways than one.

The oil spill in the Gulf of Mexico affected thousands of people from all walks of life. From the fishing industry to tourism, residents along the Gulf Coast still face a multitude of challenges related to the BP oil spill. Those veterans living in the Gulf states with VA backed mortgages who were affected by the spill however, may be eligible for some relief through delayed mortgage payments.

VA Secretary Eric Shinseki made a recent announcement that a number of mortgage companies have declared they are going to waive late payment charges as well as hold off on reporting negative information to credit bureaus for those veterans with VA guaranteed home loans. The VA is petitioning all mortgage companies holding veteran-mortgages to take the same actions to help out veterans during this difficult time.   

When veterans are caught in major disasters, they can go to the VA for help. There are potentially hundreds of veterans facing losses because of the BP oil spill and if they can be given relief because of their veteran status and the sacrifices they made for this country, then all the better.