SirsNavy 9 + years 50s to 60sBankrupt last year because of business problems . Chapter 11Have been trying to refinance Home to get payments down toa number my wife and I can afford.Home Loan around 35,000 equity LOAN 15,000Home is worth around 100,000Turned down by local bank Thought I would be able to use my VA benefits (VA Loan) buthave been turned down by Lender.What good are VA benefits if you can't get them when you are in need.I didn't qualify my 9 plus years in the Navy when I servedMany years agoThanks for any help you can give.Wife and I will get by either wayDavid W. Hawk
State/Country relating to question: Michigan
Bank recommended by VA
Thank you for your question today, I look forward to assisting you. I have nearly 20 years of legal experience in various disciplines, including JAG.Unfortunately, VA loans aren't guaranteed.The government promises to pay the bank a certain premium if you default on your loan. It encourages banks to relax their requirements on loans, the need for down payments and to grant better terms for the loans they offer.Nothing in the law though compels a bank to accept such a loan if the terms simply do not make sense to them. The military can't force them to do so either.While I sympathize with your situation here, this is not a situation were the military can compel any bank to do this for you.
Lawyer and current JAG officer.
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