Veterans Affairs Moratorium on Foreclosures for Vets with GI Bill Home Loans

SOURCE www.npr.org
The Department of Veterans Affairs has extended a moratorium on foreclosures for vets with GI Bill home loans, giving mortgage companies more time to implement a new rescue program called the Veterans Affairs Servicing Purchase (VASP) program to help veterans facing foreclosure through no fault of their own.

Key Points

  • Extension of foreclosure moratorium for vets with GI Bill home loans
  • Introduction of VASP program to assist veterans facing foreclosure
  • Challenges faced by veterans in understanding and accessing the new program

Pros

  • Extension of the moratorium provides relief to veterans facing foreclosure
  • New VASP program aims to help veterans in financial hardship keep their homes

Cons

  • Some veterans are still unsure about the specifics and timeline of the VASP program
  • Debt continues to accumulate for veterans during the waiting period