{"id":149799,"date":"2023-11-16T14:19:53","date_gmt":"2023-11-16T19:19:53","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=149799"},"modified":"2023-11-16T14:19:53","modified_gmt":"2023-11-16T19:19:53","slug":"senators-ask-the-va-to-stop-needless-foreclosures-on-veterans","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=149799","title":{"rendered":"Senators ask the VA to stop needless foreclosures on veterans"},"content":{"rendered":"

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During the pandemic, many took a COVID forbearance to defer paying mortgages in order to keep their homes despite their loss of income. Many homeowners understood that they would simply have their owed payments placed at the end of their payment timeline. Veterans were among those who took advantage of this program. However, many of these veterans were told to either pay what they owe in one payment, or refinance under higher rates. Senators have stepped in and asked the VA to stop the foreclosure process that many of these veterans ended up facing.<\/p>\n

From NPR:<\/span><\/strong><\/p>\n

The forbearance program was set up by Congress after the pandemic hit in order to let people who suffered a loss of income skip mortgage payments for 6 or 12 months, and then have an affordable way to start paying their mortgage again.<\/p>\n

But in October 2022, the VA ended the part of the program that allowed homeowners an affordable way to get current on their loans again, which has left many veterans facing foreclosure. The VA has a new program to replace it, but says it will take four or five months to implement.<\/p>\n

That’s too late to help many of the 6,000 people with VA loans who had COVID forbearances and are currently in the foreclosure process. 34,000 more are delinquent according to the data firm ICE Mortgage Technology.<\/p>\n

“In the meantime, tens of thousands of veterans and servicemembers are left with no viable options to get back on track with payments and save their homes,” the senators wrote.<\/p>\n

The group of senators includes Tester, who chairs the Veterans’ Affairs Committee, and Brown who chairs the Banking Committee. They asked the VA, “to implement an immediate pause on all VA loan foreclosures where borrowers are likely to be eligible for VA’s new…program until it is available and borrowers can be evaluated to see if they qualify.”<\/p>\n

The heart of the problem is that many homeowners were told before they entered into a mortgage forbearance that the missed payments would be moved to the back end of their loan term, so they wouldn’t get stuck owing them in a big lump sum. They were told they’d be able to simply return to making their regular monthly mortgage payment when they got back on their feet financially.<\/p><\/blockquote>\n

NPR has the rest of this story<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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