Mesothelioma Patient & Family Resources: Mesotheliomahelp is provided by Belluck & Fox, LLP as a comprehensive resource for mesothelioma victims and their families. The site provides up-to-date information on the latest news and treatment options as well as an easy to use search feature to find local mesothelioma doctors and health care clinics.
We fight for veterans harmed by asbestos: Veterans with mesothelioma or asbestos-related lung cancer should know they have options: the opportunity to bring a suit against manufacturers and sellers of the asbestos that caused their illness. If you were harmed by asbestos exposure, for example, in ships or military housing, contact Weitz & Luxenberg to get a free case review.
Important Information for Veterans: Asbestos products were often used on military ships and within military housing, and Veterans may have been exposed. Previous exposure to asbestos is the only known cause of mesothelioma, a fatal cancer that has no cure and affects countless Veterans and loved ones. For more information regarding military asbestos exposure visit Mesothelioma.com
News: Vice President Biden Announces Expansion of Pentagon Homeowners Assistance Program Under Recovery Act
SAN DIEGO, CA - Standing at the USS Ronald Reagan in San Diego today, with U.S. sailors and their families, Vice President Joe Biden today announced the Defense Department's plan to temporarily expand its Homeowners Assistance Program (HAP), with $555 million in Recovery Act funds dedicated to helping military families and DoD civilians who recently sold their homes at a loss.
"The sacrifices military families make for our country – in terms of deployments, but also moving several times in their career – are immense," Vice President Biden said. "They often don’t get to choose when they move and may be forced to sell their homes when they don’t want to. The Department of Defense, with funds from the Recovery Act, is expanding its program to help its military families who have been forced to sell their homes at a loss.”
Laurie Lopez is exasperated with her family’s home search.
She and her husband John, a 4-year veteran of the United States Navy, are both in their early 30s, have good credit, good jobs and have already been approved for a $225,000 home loan by their mortgage company.
Problem for them is, they’re trying to use a VA Loan to purchase the family’s first home.
“We’ve probably looked at over 100 homes,” Lopez said of the family’s five-month search in the Corona. “We lost out on the last property we bid on because we were using a VA Loan,” Lopez said. And they had the highest bid according to Lopez.
Mortgage rates have hit historic lows, enabling home owners to slash their monthly payments by locking in a new rate.
But many people don't qualify to refinance - either because they don't have enough equity in their homes, their income has dropped or they're behind on payments - and those are often the people who need help the most.
Military families are beginning to take advantage of falling home prices. A military salary has never been enough to buy into the overpriced housing markets in this part of the country, but that is changing because....
News: Kerry Pushes for Foreclosure Protection for Military Families, Veterans
WASHINGTON, D.C. – Senator John Kerry (D-Mass.) today offered legislation to strengthen protections against foreclosures for active duty military service members and veterans. The legislation would help our military families by allowing the Secretary of Veterans Affairs to pay the balance on outstanding mortgage loans guaranteed by the Department of Veterans Affairs (VA.)
“The brave men and women fighting to protect America overseas should never worry about coming home without a roof over their heads,” said Sen. Kerry. “Providing relief during this mortgage crisis is the least we can do for those who have served our country and their families who have felt the strain of repeated deployments.”
News: Top 10 Veterans News from Around the Country 4-10-09
What's Inside Today's Local News for Veterans
1. Obama Announces Joint Electronic Record System For Vets. 2. University Of Hawaii Nursing School Selected For VA Program. 3. Ribbon Cutting Ceremony To Be Held For Clinic In New York. 4. Caregiver Sentenced For Mistreating Vet. 5. VA Helping Provide Adult Day Care To Vets. 6. American Indian Memorial Planned At Riverside. 7. VA Employee Plays on High School Team 8. Going Fishing For Recovery. 9. Rolling Thunder Veterans' Group Helps Pay Former Soldier's Bill. 10. Illinois Man Awarded Medal Of Honor Dies At 89.
'People can really take advantage of this' _ president says of low rates
WASHINGTON - Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of record low mortgage rates by refinancing their homes.
"We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.
According to Betty Roberts, VA Home Loan Specialist at VA Home Loans Today, rates on a 30-year VA Mortgages have fallen to 4.78 percent, the lowest on record. Rates are down by more than a full percentage point from a year ago.
Special Report: Q&A on the Obama Foreclosure Plan, and What it means for you
Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan from the U.S. Department of Housing and Urban Development.
Borrowers Who Are Current on Their Mortgage Are Asking:
1. What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
2. I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
New proposal could break logjam of foreclosure relief efforts
By John W. Schoen
The White House is considering a proposal to head off potentially millions more home foreclosures by using federal funds to buy up at-risk loans and then refinance them with more affordable terms.
Treasury Secretary Timothy Geithner and other Obama administration officials met Wednesday with a group of top bankers, community groups and financial industry representatives to discuss the plan.
So far, government efforts to prevent foreclosures have focused on pressing the lending industry to work with at-risk homeowners voluntarily and provide them with more affordable payment terms. But the new proposal signals a shift to a more direct government approach, according to John Taylor, president of the National Community Reinvestment Coalition, who attended the meeting with Geithner, Housing and Urban Development Secretary Shaun Donovan and other Obama administration officials.
Features: Do-it-Yourself Loan Modification for Veterans
Successful Loan Modification
by John P. Allen
Many Military Veterans have adjustable subprime mortgages and are now desperately seeking solutions to their increased payments. I take phone calls all day long from Veterans that say stuff like “I am Scared” “What a Mess I Got Myself Into” and “What an Expensive Lesson I Just Learned – Never Again.”
The great help the lenders claim to be offering the troubled borrower does not appear to be what the borrower is actually getting. When borrowers attempt to modify their loans they are met with resistance from poorly informed “loan modification departments.” While help from the government seems promising, nothing tangible has been passed yet in the congress that provides relief and there's not much on the horizon yet.
There are now hundreds of thousands of Veterans with home loans whose monthly payments are about to rise over the next eighteen months?
Features: Veterans: Legally Get Out of your Bad Home Loan with a Forensic Loan Audit
Loan Forensic Audits: How To Legally Get Out Of Your Bad Loan
by John P. Allen, General Manager of the Veterans Today Network
Leverage! Remember that buzz word! You see when Veterans look for a mortgage, whether it be a VA Home Loan, FHA, or conventional, they rely on professional advice and the aid of a mortgage broker or lender. The loan process is complicated and most everyone places their trust in the professional that is guiding them through the process.
Unfortunately, many of these professionals placed thousands and thousands of borrowers in loans that they could not afford or in just down right exotic mortgages, that now have become extinct.
Predatory lending is a buzz word that is floating around the blogosphere right now and for good reason. There are thousands and quite possibly maybe a million plus people that have mortgages where the Truth in Lending Act was violated, thus falling under the predatory lending statue. Many can stop foreclosure if they only knew what to look for and how to defend themselves.
Features: Home Loan Modification for U.S. Veterans
Veterans with Hardships Get Help on their Home Loans with Loan Modification
by Jerred Bulstrom, USMC
Recently, in the media, you may have heard the phrase "Loan Modification" and it sounded intriguing. But what is it and can it benefit you and your family.
Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. With a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget rather than being an overwhelming monthly drain on already tight finances.
Loan modification agreements come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so the homeowner can continue to make payments and stay in the home. Loans can also be modified so they have a longer amortization term (e.g. 40 year instead of 30 year) which will cause the payments to decrease. In addition, principal writedowns can be obtained and are more common now, especially in this very rough market. The lenders are now willing write off some of your principal to keep you in the home. Why? Because, it's stil less expensive for them to work with you than to take back the home and if writing off some of the principal will make it work, then they do it.
But what is the lenders incentive to work with you? Why do the banks want to renegotiate with you? What leverage do you have?
News: VA Mortgage rates tumble to lowest since 1971
"A whole new game," mortgage broker says; but labor market still weak
MCLEAN, Va. - VA Mortgage rates are falling as this week's dramatic action by the Federal Reserve provides a boost to the dismal housing market, but the nation's unemployment rolls are stuck at historically high levels amid a deepening recession. Jason Jabloski with Equity VA Loan says "rates are the lowest I have seen in my 25 years in this business".
Mortgage giant Freddie Mac on Thursday reported that rates had fallen to the lowest level on records dating back to 1971. Average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week.
Jobs data from the government, while better than expected, was still sobering. The Labor Department on Thursday said its tally of initial jobless benefit claims fell to a seasonally adjusted 554,000 from an upwardly revised figure of 575,000 the previous week. The new tally was slightly below economists' expectations of 558,000 claims.
Another slight improvement was seen in the number of people who continue to receive jobless benefits, which declined to 4.38 million from 4.43 million the previous week. Economists expected a slight increase to 4.45 million.
News: VA Home Loan Mortgage rates at lowest level since January
VA Home Loan Mortgage rates at lowest level since January
Average now 5.49 percent — and further cuts could be on the way
by Ezell Johnson
WASHINGTON - Rates on 30-year VA Home Mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market.
Average rates on 30-year fixed-rate mortgages dropped to 5.49 percent in the largest one-week drop in 27 years. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent.
Further drops could be on the way if the government launches an industry-backed plan to lower the rate on a 30-year mortgage to 4.5 percent by spending hundreds of billions to buy mortgage-backed securities.
That would follow an effort announced last week by the Federal Reserve, which is planning to purchase up to $600 billion of mortgage-backed securities and other debt issued by Fannie and Freddie and the Federal Home Loan Banks. Those institutions don’t make loans directly to consumers, but provide money to the mortgage market by packaging loans into investments.
News: Enhanced VA Mortgage Options Now Available for Veterans in Distress
Enhanced VA Mortgage Options Now Available for Veterans Of Potential Benefit to Those in Financial Distress
WASHINGTON -- Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.
“These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan,” said Secretary of Veterans Affairs Dr. James B. Peake. “Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries.”
VA has never guaranteed subprime loans. However, as a result of the new law VA can now help many more veterans who currently have subprime loans.
On October 10, 2008, the President signed S. 3023, the Veterans' Benefits Improvement Act of 2008. Following are the three major impacts to the VA Home Loan Guaranty Program:
1. Authority to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs) has been extended through September 30, 2012.
2. The maximum guaranty for cash-out refinance loans has been made the same as purchase loans - they are no longer limited to $36,000. In addition, cash-out refinance loans may now be made up to 100% of the appraised value of the home.
3. The temporary increase to the maximum guaranty has been extended through December 31, 2011. When combined with new locality-based Freddie Mac conforming loan limit in January 2009, VA's maximum county “loan limit” will be $1,094,625 ($1,641,937.50 in Alaska, Guam, Hawaii, and the Virgin Islands). This results in unique county "loan limits" for VA.
This notice below is meant to provide general information regarding the major impacts of the recently passed legislation.
Features: Untold Mortgage Crisis: Families Facing Military Foreclosures
The Biggest Untold Mortgage Crisis: Help for Families Facing Military Foreclosures
by Carla Douglin
More and more military families are finding themselves in the middle of a mortgage nightmare. Soldiers are returning after several tours of duty, only to find they are on the verge of losing their homes. While trying to rebuild their lives, they face the additional pressure and stress of a looming foreclosure.
According to one recent study, the number of foreclosures in military towns are four times the national average. Why? Because military families were targeted as customers during the boom in subprime lending. Their frequent moves, overseas stints, and low pay meant they were likely to have weak credit ratings. The initial low rates and easy terms of these loans made them more attractive than the traditional route of taking out a Veterans Administration (VA) loan. In fact, at the peak of the U.S. subprime lending, the number of new VA loans fell to their lowest level in 12 years.
With that in mind, it is not surprising that a large number of military families are being caught in the subprime mortgage collapse. Fortunately, there is some help in the form of the Servicemembers´ Civil Relief Act (SCRA). The SCRA was created to protect soldiers and sailors from losing their homes for nonpayment of mortgages while they are on active duty and for 90 days after they return home.
Features: VA Loans Remain a Strong Option for Veterans
VA Loans Remain a Strong Option for Veterans
Agency Sees Significant Increase in Loan Volume over Past Year
WASHINGTON – More servicemembers and veterans are using their Department of Veterans Affairs (VA) home loan guaranty benefit, as VA’s loan program remains a strong option in today’s housing market.
VA is experiencing a significant increase in home loan volume, with more than 162,000 home loan guaranties provided this year, an increase of more than 31 percent over the same period last year.
“VA attributes this increase to the favorable terms traditionally offered with VA loans and the elimination of many no-downpayment products in the conventional mortgage market,” said Secretary of Veterans Affairs Dr. James B. Peake.
News: VA Raising Home Loan Ceilings in Many Areas up to $ 729,000
VA Raising Home Loan Ceilings in Many Areas up to $ 729,000
Improved Benefits Aid Disabled Veterans in Adapting Homes
WASHINGTON – The Department of Veterans Affairs (VA) will use a locality-based approach in raising ceilings on its no-downpayment home loans from the current $417,000 to as much as $729,000.
The increases are effective immediately under legislation recently enacted with President Bush signing the Housing and Economic Recovery Act of 2008.
That law also improved VA's Specially Adapted Housing Program. It raises primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet adaptive needs of veterans or active duty servicemembers with certain service-connected disabilities.
One new feature is a provision in the law that will assist burn victims. It will allow veterans with certain service-connected disabilities resulting from severe burns to receive the adaptive housing grants. The new law also makes future increases in ceilings on the Specially Adapted Housing Program automatic.
VA HOME LOAN GUARANTY AMOUNT UNDER H.R. 3221 INCREASED
On July 30, 2008, the President signed H.R. 3221, the Housing and Economic Recovery Act of 2008. This circular explains the procedures for implementing Section 2201 of that Act, the “Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.”
H.R. 3221 provides a temporary increase in the maximum guaranty amount for VA loans originated from July 30, 2008 through December 31, 2008. During this period, the “maximum guaranty amount” set forth in this circular should be substituted for the maximum guaranty amount specified at 38 U.S.C. 3703(a)(1)(C) and 38 CFR 36.4302(a)(4) and 36.4802(a)(4). Please note that, if a veteran has previously used entitlement which has not been restored, the guaranty amount for that veteran must be reduced accordingly.
Loans for $417,000 or Less Are Unaffected. The guaranty amount for loans where the original principal loan amount is $417,000 or less remains unchanged. On these loans, VA will continue to guarantee the amounts specified at 38 CFR 36.4302 and 36.4802.
Loans for More Than $417,000. If the original principal loan amount is greater than $417,000, VA will guarantee 25 percent of the original principal loan amount, up to the maximum guaranty amount. The maximum guaranty amount varies depending upon the location of the property being purchased, constructed, or refinanced.