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Mortgage Forbearance

All articles tagged with #mortgage forbearance

veterans-affairs-mortgage-assistance1 year ago

"VA's Last Resort Loan Program Aims to Aid Injured Veterans Facing Foreclosure"

The Department of Veterans Affairs has introduced a new program, VASP, to aid veterans at risk of foreclosure due to a pandemic aid program misstep. However, many financially impacted veterans may not qualify for this assistance, as those who accepted higher-cost loan modifications following the VA's abrupt end to its COVID mortgage forbearance program won't be eligible. The VA's new program aims to offer modified home loans with a 2.5% interest rate, but strict eligibility criteria and limitations on who can benefit from the program have left many veterans uncertain about their future housing stability.

via NPR|
#financial-assistance#home-loans#mortgage-forbearance
veterans-affairs1 year ago

"Proposed Legislation Aims to Protect Veterans from Foreclosure on VA Loans"

Lawmakers are pressing the Department of Veterans Affairs to address a crisis that has left thousands of veterans at risk of losing their homes. The VA abruptly ended a crucial part of its COVID mortgage forbearance program, leaving many veterans in a financial predicament. As a result, veterans are being pushed to pay all missed payments immediately or accept costly loan modifications. The VA has promised a new loan modification plan to help veterans, but lawmakers are seeking answers on how the VA plans to assist veterans who have already ended up with more expensive mortgages due to the VA's actions.

via NPR|
#department-of-veterans-affairs#foreclosure#mortgage-forbearance
veterans-affairs2 years ago

"VA's COVID forbearance program termination leaves veterans vulnerable to foreclosure"

Thousands of U.S. military service members and veterans, including Army veteran Ray Queen and his family, are at risk of losing their homes due to the end of the Department of Veterans Affairs' Partial Claim Payment program (PCP) that allowed homeowners to move missed mortgage payments to the back end of their loan term. The VA is working on a new program to replace PCP, but it could take several months to implement, leaving many veterans vulnerable to foreclosure. Advocates are calling for a pause on foreclosures and the restart of the PCP program to provide immediate relief to veterans facing financial hardship.

via NPR|
#department-of-veterans-affairs#foreclosure#mortgage-forbearance
business2 years ago

Foreclosure rates rise in Florida.

Florida had the most foreclosures in May, with Palm Bay being one of the worst metro areas affected. Foreclosure-related filings were up 7% nationally, with some attributing it to the end of financial assistance programs like mortgage forbearance. The cost of living in Florida has also spiked since COVID-19, lowering the inflation-adjusted income for workers. The Housing Foundation of America is a nonprofit organization helping people facing foreclosure, and some local resources are available for mortgage/foreclosure-prevention funding and assistance.

via WESH 2 Orlando|
#business#florida#foreclosures