Saturday, June 22, 2024

VA encourages mortgage companies to continue foreclosure moratorium into the following year

VA Launches Efforts to Prevent Foreclosures on Department-Guaranteed Loans for Veterans

Are you a veteran struggling to make your mortgage payments? If so, there’s good news on the horizon. Veterans Affairs leaders are taking steps to help keep veterans in their homes by asking mortgage servicers to pause nearly all foreclosures of department-guaranteed loans through the end of the year.

This move comes just in time for the launch of the new Veterans Affairs Servicing Purchase (VASP) program, which will allow the department to purchase defaulted VA loans from outside mortgage servicers and modify the terms to help financially strapped veterans maintain ownership of their properties. This effort is expected to assist about 40,000 veterans, troops, and family members currently struggling with VA-backed home loans.

While this program is a step in the right direction, there are still concerns about the potential costs and long-term solutions. Conservative lawmakers worry about the financial burden of the program, while VA leaders argue that keeping veterans in their homes will ultimately save more money than providing services to newly homeless veterans.

If you’re a veteran facing housing bill problems, you can contact the VA at 877-827-3702, option 4, or visit the VA home loans website for assistance.

It’s important for veterans to know that there are resources available to help them stay in their homes during difficult times. The VA is committed to supporting veterans and their families, and these new efforts are just one way they are working to make a difference.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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