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This particular veteran received a call claiming that there was a federal program capable of eliminating all their debts. The catch? They were instructed to pay money into a “special fund” managed by Silver Lake Financial, and in return, the company would handle their debt. Let me be clear: there is no federal program that offers this type of debt elimination for veterans.
What often occurs in these situations is alarmingly predatory. Silver Lake Financial effectively took this veteran’s monthly payments—similar to a Chapter 13 bankruptcy—and advised them to stop paying their credit card debts. This arrangement results in the company “settling” those debts, but the consequences are severe.
Sadly, the veteran’s credit score plummeted to a mere 475, leaving them unable to pursue their dream of buying a home. Instead of achieving financial relief, they now find themselves trapped in a cycle of poor credit and ongoing renting. It’s infuriating to see veterans abused in this way, especially when they deserve nothing but respect and support for their service.
To all veterans, I urge you to be vigilant against such scams. If any company approaches you with promises of erasing debt for a fee, consider it a red flag and walk away. Silver Lake Financial and similar companies should be avoided at all costs. If you ever receive a call from them, hang up immediately.
Additionally, if you come across fraudulent or predatory practices, make sure to report them to the Consumer Financial Protection Bureau (CFPB). They may not resolve every issue, but your report can assist in holding these companies accountable and protecting your fellow veterans from similar experiences.
In conclusion, always do your research and seek help from reputable sources. If you’re looking to manage debt or obtain a VA loan, reach out to a professional who is genuinely interested in helping you achieve your financial goals without resorting to scams. Your future will thank you for it!
Stay safe, and remember, you’re not alone in this journey. If you have any questions or need assistance, don’t hesitate to contact me.
Take the 30 second mortgage quiz to see if you qualify
I can originate VA mortgage loans anywhere that I’m licensed.
I’m licensed in Alabama, Arkansas, Arizona, California, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Additionally, our team can originate mortgages in several additional states through our corporate referral program.
If you’re exploring whether you qualify under this unique situation, we define intermittent occupancy and outline how you can secure approval effectively. Intermittent occupancy occurs when you maintain a primary residence while commuting to another location for work purposes, typically when the commuting distance exceeds one hour.
Did you know that being on VA disability might make you eligible for property tax discounts? Let’s explore how VA disability benefits can help reduce your property tax burden and what steps you need to take to qualify.
Learn about the different types of property tax exemptions available for veterans, how eligibility is determined, and where to find information specific to your state.
Can I buy rental property with a VA home loan? While the standard VA loan is primarily intended for purchasing your primary residence, there are legal strategies to work around this limitation.
Take the 30 second mortgage quiz to see if you qualify
