06 Apr VA Home Loan Relief for Those Affected by COVID-19
The Department of Veterans Affairs (VA) has asked lenders to offer relief to the home loan process to veterans who are impacted by the COVID-19 pandemic.
Veterans Applying for Loans
If you are applying for a VA Home Loan, the Department of Veterans Affairs is attempting to support you by conducting all necessary meetings via telephone or other electronic means. This covers meetings with lenders, title companies, appraisers, and VA personnel.
Any Veteran who is at risk of exposure to novel coronavirus or is having flu-like symptoms or has any other circumstances due to which they cannot conduct the necessary meetings for completion of the loan application can now do the same via electronic means, according to the department.
VA Working with Lenders
The VA also stated that it is advising lenders to work with impacted borrowers and ease the financial burden the COVID-19 pandemic has placed on veterans throughout the country.
VA has also asked borrowers to provide leeway to veterans who are unable to make their mortgage payments at this time – suspend credit bureau reporting of delinquent loans, remove or reduce late fees, and take other required action to enable veterans to remain in their homes during this unprecedented national emergency.
The VA also requested lenders to liberally apply existing public laws and regulations that are intended to limit foreclosures and loss to the government.
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Many large mortgage companies that provide loan facilities to veterans have also issued statements confirming they will work with individuals hit by the economic fallout due to the COVID-19 outbreak and will also make payment arrangements with Veterans if needed.
If you are encountering financial difficulty as a result of the COVID-19 outbreak, please contact your lender directly to discuss your situation. In most cases, lenders will allow a few late payments and not take action, such as foreclosing on your home.
However, if your lender isn’t helping, please contact the VA and find out other ways that can better your situation.