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Update on VA Home Loan Program Moratorium
June 6, 2024 by PVAction Force

The VA recently issued guidance to strongly encourage mortgage servicers to implement a targeted moratorium on foreclosures and provide time to help veterans at risk of losing their homes to access a new, last-resort tool, the Veteran Affairs Servicing Purchase (VASP) Program. Eligibility for the VASP program will be determined by the VA in cooperation with a veteran’s mortgage servicer, and only when all other home retention efforts have been exhausted. The targeted moratorium will only apply to a VA-guaranteed home under certain circumstances. 

 

Last year, PVA signed on in support of the VA extending a foreclosure moratorium for veterans who were struggling to pay their mortgage following the pandemic. Recently, we signed on to an additional letter that urged the VA to extend the moratorium through December 31, 2024. If you used a VA home loan to purchase your home and are finding it difficult to pay your mortgage in part, or in full, check out the VA home loan site here.

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