VA offers mortgage bailouts for thousands of veterans at risk of foreclosure

NS: Kelly O’Brien, Nexstar media cable

Posted: Posted on Aug 29, 2021 / 10:05 am CDTUpdated: August 29, 2021 / 10:05 am CDT

Richmond, Virginia (WRIC) – Thousands of veterans and their families are at risk of losing their homes due to the COVID-19 pandemic. New government-wide efforts could help them keep their roofs overhead.

The U.S. Department of Veterans Affairs is offering two mortgage relief programs to help those affected by the pandemic stay home.

“VA wanted to take additional steps to prevent veterans from sliding through gaps,” said Jeffrey London, general secretary of the Veterans Mortgage Program.

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As part of the new COVID-19 reimbursement change, veterans can see a significant reduction in their monthly mortgage payments.

“VA is actually working with a mortgage company to cut mortgage payments by 20%,” said London.

This program is only available until September 30, 2021.

Another option is the VA program for partial billing. In this case, the Department of Veterans Affairs pays the overdue mortgage and creates a second mortgage on the property with no interest.

“When they are ready to start paying mortgages again, that financial burden will be relieved,” said London.

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None of the programs require you to repay the VA until you refinance or sell the loan. This program is valid until October 28, 2022.

Applicants must meet the following admission requirements:

  • You must currently be living in the property
  • Starting March 1, 2020, mortgage payments will be overdue within 30 days.
  • Conclusion of a tolerance agreement with the lender
  • Must be in financial trouble related to COVID. have been

To apply, please contact the lender or call 877-827-3702. For more information, see the Housing Assistance section on the Department of Veterans Affairs website.

VA offers mortgage bailouts for thousands of veterans at risk of foreclosure

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