The Department of Veterans Affairs (VA) has issued a directive to mortgage servicers, calling for a temporary suspension of foreclosures on VA-guaranteed loans. This measure is in effect until May 31, 2024, providing relief to veterans facing potential foreclosure during this period. The decision aims to support those with VA home loans, offering a buffer amid potential financial challenges.
The VA is also extending the COVID-19 Refund Modification program through May 31, 2024. Veterans can benefit from a zero-interest, deferred-payment loan from the VA, covering missed payments. This modification helps achieve affordable monthly payments on existing VA-guaranteed loans throughout the extension period.
For more information, you can read the details on the official VA news page: https://news.va.gov/press-room/va-calls-on-mortgage-servicers-to-pause-foreclosures-of-va-guaranteed-loans-through-may-31-2024/