New Law and VA Program Aim to Help Veterans Avoid Foreclosure After VASP Cancellation
A new law and a Department of Veterans Affairs program have been introduced to assist Veteran homeowners facing mortgage delinquency following the cancellation of the Veterans Affairs Servicing Purchase (VASP) in May.
A new law provides a path for Veteran homeowners who have fallen behind on mortgage payments to get current and avoid foreclosure, according to nclc.org. The legislation, described as a partial claim bill, is intended to fill the gap in assistance created by the abrupt cancellation of the Veterans Affairs Servicing Purchase (VASP) in May, according to nclc.org. The cancellation of VASP created confusion, anxiety, and risk of foreclosure for struggling Veteran borrowers. The Department of Veterans Affairs has launched a program to help veterans facing financial struggles avoid foreclosure and stay in their homes, according to wtae. The partial claim bill is described as an important first step toward helping Veterans facing financial hardship and possible home loss. More action is needed to provide assistance to Veteran borrowers and their families.
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