The VA has halted foreclosures for VA-guaranteed loans until May 31, 2024.
This decision was made after an investigation found that thousands of VA loan holders were at risk of foreclosure.
VA Press Secretary Terrence Hayes said, "Helping Veterans and their families stay in their homes is a top priority at VA".
The Department of Veterans Affairs is halting foreclosures for six months for veterans and servicemembers who have VA Loans. The move follows an investigation by NPR that found thousands of veterans who took what's called a COVID forbearance are now at risk of losing their homes through no fault of their own
VA foreclosure actions can be initiated after four months of missed payments. Lenders and mortgage servicers will usually try to contact borrowers to find a solution to avoid foreclosure.
VA homeowners can contact the VA loan program at (877) 827-3702.
A foreclosure in the past may not disqualify a borrower from a future VA loan. If a foreclosure occurred more than two years ago, it may be disregarded when qualifying for a VA loan.
If you are a veteran and need help, feel free to call me
for assistance.
Link to the NPR story eight days ago Thank you Chris Arnold and Robert Benicasa
Go Navy!
I wonder what will happen with all those creative financing
gurus who were doing wrap arounds and subject to on VA
loans. My guess, the VA will give them legal aid and depending
on the state location's statue of limitations the veteran will file
suit to reclaim their home. In a court the veteran will be seen
as vulnerable and 99% of the time the buyer/agent did not get
the correct disclosures signed by the veteran,
