The US Department of Veterans Affairs has asked mortgage servicers to halt foreclosures on veterans through May 2024, per Bloomberg.
This six-month suspension aims to facilitate the implementation of a new program, introduced by the White House in October, targeting veterans behind on mortgage payments but ineligible for conventional home retention solutions. The initiative seeks to collaborate with veterans facing severe financial challenges, adjusting loans and monthly payments to enable them to retain their homes.
The decision, announced on Friday, responds to a Bloomberg Businessweek investigation revealing foreclosures on 4,000 veterans and the potential risk for 6,000 more, exacerbated by delays in paperwork by mortgage servicers following forbearance periods initiated due to the financial impact of the Covid-19 pandemic.
While the forbearance program allowed borrowers to negotiate agreements for arrear repayments, including loan modifications, the VA has extended support to veterans during this foreclosure pause by offering a "zero-interest, deferred-payment loan."
The US Department of Veterans Affairs has asked mortgage servicers to halt foreclosures on veterans through May 2024
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