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Sirs Navy 9 + years 50s to 60s Bankrupt last year because

 
jagcorps_esq's Avatar
  • Answered by:jagcorps_esq
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Customer Question

Sirs

Navy 9 + years 50s to 60s

Bankrupt last year because of business problems . Chapter 11

Have been trying to refinance Home to get payments down to
a number my wife and I can afford.
Home Loan around 35,000 equity LOAN 15,000
Home is worth around 100,000

Turned down by local bank

Thought I would be able to use my VA benefits (VA Loan) but
have 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 served
Many years ago

Thanks for any help you can give.
Wife and I will get by either way
David W. Hawk (NNN) NNN-NNNN

 

Optional Information:
State/Country relating to question: Michigan

Already Tried:
Local Bank and Bank recommended by VA

Submitted: 358 days and 3 hours ago.
Category: Military Law
Value: $30
Status: CLOSED

Accepted Answer

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Expert:  jagcorps_esq replied358 days and 3 hours ago.

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.

Expert TypeLawyer
Category: Military Law
Pos. Feedback: 96.5 %
Accepts: 3480
Answered: 6/25/2012

Experience: Lawyer and current JAG officer.

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