COVID-19 Finance United States

Sens say, VA needs to stop foreclosures process immediately

A group of senators asked the Department of Veterans Affairs to stop foreclosures on the homes of Veterans and Service members immediately. According to NPR, Thousands of veterans who took the COVID forbearance program after the pandemic hit the U.S.

The program allowed them to defer paying their monthly mortgages for 6 or 12 months and keep their home during the pandemic. Many homeowners from this program could afford to pay their mortgages again. However, the part of the program ended in October 2022 by the VA led to many homeowners being at risk of selling their houses or foreclosures.

The senators from Democrats: Sherrod Brown, Jon Tester, Jack Reed, and Tim Kaine wrote in a letter to VA Secretary Denis McDonough.

In a letter, “Without this pause, thousands of veterans and servicemembers could needlessly lose their homes and this was never the intent of Congress” which was initially set up by Congress after the pandemic hit and tried to help most of the citizens who suffered a loss of income.

The VA has a new program and it will take 4 to 5 months to effect due to the implication process. During this period, at least 6,000 people with VA loans had COVID-19 forbearance and are currently in the foreclosure process. There are risking  34,000 people still under this problem.


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