Many areas in the United States were devastated by tornados, natural fires, floods and natural calamities that destroyed and damaged property worth of millions. If you are a homeowner who used a VA loan and had your property affected with such disasters, it is imperative that you act with speed to ensure that you salvage part of the value of your home.
The best course of action during such incidents is to consult with the authorities such as FEMA, your loan officer, the insurance company as well as the post office in a bid to try and determine the exact condition of your home after the disaster. Once you get in touch with these people, you need to make an immediate application in the official VA loans website or you can alternatively call them and apprise them of the situation so that you maximize your chances of getting the best way to continue making the repayments.
It is important to remember that in case you home is damaged by the natural disasters, and then you should never continue with the repayments of the loan if the property is not yet repaired. It is also recommended that you check with the small business administration about securing a loan to take care of the damages caused but were never insured. Additionally, you can more support in the form of cash grants and low interest loans from the agency associated with mitigating the effects of the disaster. For more information about this, kindly visit the official FEMA site.
There are however instances when you home is destroyed beyond inhabitation by the natural disasters. Even during such instances, you are strongly advised never to stop repaying for your VA loan. Instead, you are free to discuss forbearance or possible modify the terms of the loan to reflect the prevailing situation on the ground. It will also be a good idea during such incidences to have your lender gives you advice on how to determine insurance loss checks, how to conduct repairs and how to meet the cost of the contractors.
As a borrower, you must also be aware of the insurance you will have to make in the instance that your property is destroyed by a natural disaster. Be careful not to just accept the first offer thrown your way. Take your time and consult with the department of Veteran Affairs and get direct assistance from them on what will be the best in your interest under the circumstances.
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We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.