(U.S. Senate) — Senate Veterans’ Affairs Committee Chairman Jon Tester (D-Mont.) and Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown (D-Ohio) are teaming up to introduce legislation to ensure veterans and servicemembers using Department of Veterans Affairs (VA) home loans can keep their homes.
Veterans and servicemembers with VA home loans who faced financial difficulties during the COVID-19 pandemic used forbearance to pause their mortgage payments without penalty and remain in their homes. The Senators’ Veterans Housing Stability Act of 2024 would reestablish a partial claim program to help veterans and servicemembers using the VA home loan exit forbearance and get back on track with their payments and keep their homes.
The Senators’ Veterans Housing Stability Act of 2024 would also grant VA the authority to impose a moratorium on foreclosure, or establish a period of forbearance if there is an urgent need, including a declared national emergency or disaster.
In addition to pausing foreclosures, VA is continuing its efforts to launch the Department’s newest home retention option, the VA Servicing Purchase Program. This new loss mitigation solution will help more veterans lower their payments and remain in their homes. The partial claim program authorized by the Veterans Housing Stability Act of 2024 will ensure veterans can keep their homes while VA gets its new program off the ground and that veterans and servicemembers will have more options to save their homes in the future.
Read more at: https://www.veterans.senate.gov/2024/2/tester-brown-team-up-to-help-veterans-keep-their-homesThe Senators’ legislation is also supported by the Mortgage Bankers Association.