Premiums for spousal coverage under SGLI are not deducted from the pay of unmarried policy holders. Deductions will be made based on information contained in DEERS and included in your personnel and payroll files. If your records indicate that you are not married, the premium will not be deducted for …Read More »
Your declination of spousal coverage will not be effective until the first day of the month following your declination. Premiums that were deducted prior to the effective date will not be refunded. For example, if you submit Form SGLV 8286A on March 13, 2009, the declination does not go into …Read More »
As VA is no longer providing supplemental servicing when a loan is referred to foreclosure, we will review the case and determine if a loss mitigation option is more feasible, which would cause VA to recommend placing the foreclosure action on hold to perform a full review. This recommendation should …Read More »
Beneficiaries will have proceeds paid to them in either a lump sum or in 36 equal monthly payments, according to how the insured specified that they were to be paid. If the method of payment has not been specified, the beneficiary may choose their preferred method of payment, either in …Read More »
The coverage of your spouse will end 120 days after any of the following events occur: The date you elect in writing to terminate your spouses coverage The date you elect in writing to terminate your own coverage The date of your death The date of your separation from the …Read More »
Can the executor of the estate bypass retention options and complete a liquidation option? If so, what is the required documentation?
Yes, the executor of the estate can do so and the requirement is to document case notes indicating that the executor does not wish any home retention options to be considered.Read More »
Yes, provided that the service dates of the veteran occurred after November, 11 1998. The Department of Defense pays hostile fire or imminent danger pay to both of these areas. The DoD list can be located at http://www.defenselink.mil/comptroller/fmr/07a/07A10.pdf Alternatively, you can reference the VHA Directive 2004-017, establishing Combat Veteran Eligibility, …Read More »
A beneficiary is not allowed to assign or transfer VGLI proceeds to another person. At the same time, VGLI proceeds cannot be subjected to claims of creditors of the insured or their beneficiaryRead More »
I have a property that is in a mixed-use neighborhood that is zoned C-1. Since home and businesses are mixed in the area and the appraiser comments on this, can we do a home loan on the property?
Since the remaining economic life is a controlling factor, zoning is less of an issue. As long as the appraiser considers the property to have a remaining economic life of at least 30 years, before the change to commercial has touched the point that the highest as well as the …Read More »
Zoning – A veteran currently has a VA loan. The property is zoned commercial and was when the veteran obtained the first VA loan 7 years ago. It also has an antique store on the first floor, which the veteran runs. No appraisal and no minimum property are required in …Read More »