|
Our hearts go out to all of those who were devastated by the recent tornadoes in the central United States. The last thing we want to think about in times like these is paying our bills. However, it is imperative that you take care of all of your obligations, including your VA home loan. There are some steps you can take to ease the impact of your loss and still maintain your good credit standing. First and foremost, you need to contact your VA loan lender as soon as possible to report your loss. Even if you can no longer live in your house, you are not automatically excused from your regular monthly military loan payments. You may be able to make arrangements for extensions or modifications to your mortgage if you are unable to make your payment on time. Your VA home loan mortgage banker can advise you on contacting your insurance agent and other things like contracting for repairs.
Once you have notified your lender, you need to get your claim filed with the insurance company as soon as it is possible. While the filing needs to be immediate, make sure that you are satisfied with your settlement before you accept payment for the repairs. Make sure that you have the inspectors from your town or city government check for structural damage. Like any other major financial transaction, it is best to get at least two estimates from licensed, reputable contractors. In the event of a natural disaster such as tornadoes or hurricanes, you can apply for emergency disaster relief. The Federal Emergency Management Agency (FEMA) will probably have representatives available to help you through the process. If not, the number for FEMA is 1-800-621-FEMA (3362). It is important to register with FEMA as soon as possible because they have deadlines for registration. For more information, visit the FEMA website at www.fema.gov. As a veteran, there are other organizations that may be of assistance in this type of situation – American Legion, Disabled American Veterans, and other veteran organizations. Some of them will help even if you are not a member of the organization. Also, remember to file change of address forms for the time you are unable to occupy your home. If you are receiving benefit checks from VA or other sources, it would be wise to file a change of address with them also. Catastrophic events create the worst kinds of confusion – as well as physical and emotional stress. If you are prepared, you can not only survive, but recover. |
