Issues guidance to extend VA-guaranteed loans to December 31.
The Department of Veterans Affairs (VA) issued a guidance to mortgage servicers advising them to extend the foreclosure moratorium deadline for VA-guaranteed loans.
The VA currently has a foreclosure moratorium deadline set for May 31, offering veteran families a last-resort measure to stay in their homes while their foreclosure is being processed. However, the VA is launching a new program that allows the department to purchase modified loans on behalf of veterans, and mortgage services are required to implement this new program by October 1. Because of this, the VA is strongly encouraging mortgage services to extend their own veteran foreclosure moratoriums until December 31.
“When a Veteran falls on hard times, we work with them and their loan servicers every step of the way to help prevent foreclosure, including offering repayment plans, loan modifications, and more,” said Under Secretary for Benefits Josh Jacobs. “We’re calling on mortgage servicers to follow a targeted foreclosure moratorium so we can make sure that Veterans get the support they need to stay in their homes.”
As the Lord Leads, Pray with Us…
- For Under Secretary Jacobs to be led by God in his role at the VA Department.
- For U.S. VA officials as they advocate for extensions for mortgage repayment for veterans.
Sources: Department of Veterans Affairs
