Information for VA Homeowners Affected by Hurricane Sandy

By Daniel Duffield

VA mortgage homeowners with properties affected by the superstorm Hurricane Sandy should take several steps to move toward rehabilitation of the home or reconstruction for homes with excessive damage.

1.       Contact FEMA.

Firstly, borrowers should get into contact with the Federal Emergency Management Agency (FEMA) in order to begin the disaster application process by calling 800-621-3362 or by going to the FEMA website. Homeowners can potentially obtain housing assistance or other forms of federal aid from organizations which have supported the recovery effort after the devastating effects of Hurricane Sandy. In order to receive any federal aid, borrowers must fill out this application.

2.       Contact the Mortgage Servicer.

After applying for federal aid through FEMA, borrowers should contact their mortgage servicer, or the person who collects the monthly mortgage payments, rather than the company which financed the loan. Regardless of the condition of the home, whether habitable or not, borrowers will still be held responsible for making monthly mortgage payments. Since natural disasters can significantly affect a borrower’s employment and income, it is imperative that borrowers speak with the mortgage servicer as soon as possible, especially if paying mortgage payments will be difficult or impossible as a result of the circumstances.

3.       Contact the Home Insurer.

Next, borrowers should call the homeowner’s insurance company to file a claim. Although generating an insurance claim soon will be crucial, borrowers should not act rashly or accept a hasty settlement. Rather, if your home has been damaged, hire a contractor to get a repair estimate; however, be sure to choose a reliable contractor with an official license, as many swindlers will attempt to take advantage of homeowners after natural disasters.

4.       Consult local veteran organizations.

For additional assistance, consider contacting local veteran groups which may provide assistance to veterans, especially following such a disaster. These groups may include a local Veterans of Foreign Wars, American Legion, or other organization associated with the military.

5.       Contact the VA.

Finally, the Department of Veteran Affairs may be able to assist veterans who have been affected by natural disasters such as Hurricane Sandy, typically through loan modification, supplemental loans, or even prolonging foreclosure proceedings in affected areas.

For more information on VA loans, VA eligibility, VA refinancing, or other mortgage related topics, visit Lender411.com, your key to a smart mortgage loan.

 

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