Reports indicate that the COVID-19 Pandemic hit US Veterans especially hard in recent months. Now, the US Department of Veterans Affairs is stepping in to remind veterans that help is available to keep families in their residence. The help is targeted towards veterans with a VA Home Loan.
The CARES Act provides multiple protections on VA-guaranteed loans if a service member experiences a financial hardship directly or indirectly caused by the COVID-19 emergency, regardless of your loan’s default status.
There is a defined forbearance period of up to 180 days, with the possibility for extending it for another 180 days. A forbearance is a form of repayment relief involving the temporary postponement of loan payments, usually to avoid legal action and the loss of a home. Furthermore, missed payments due at the end of a forbearance period do not have to be made up in a single payment.
Step one in seeking help is to simply contact your mortgage servicer and request a forbearance.
More information on help for US Veterans who have a VA Home Loan is available HERE.