This is part of our ongoing series on mortgage relief options and how to handle your loan in a crisis.
Veterans, how can we sufficiently thank you and your families for the sacrifices you make? We feel that helping you successfully buy and maintain a home is the least we can do.
We also recognize that many Americans are experiencing lingering financial hardship as a result of COVID-19.
Fortunately, just because you’re struggling doesn’t mean you will immediately lose your home. You have some time and a number of preventative steps to protect your home from foreclosure. For example, the first thing to do is contact your mortgage company to report your situation.
If you’re in the homebuying stage of your journey, you may qualify for a low-interest veterans home loan backed by the US Department of Veterans Affairs (VA).
Additionally, the VA offers emergency mortgage assistance for veterans, active duty service members, surviving spouses of deceased veterans or reservists, and National Guard members.
Here are a few ways the VA can help you now:
- The VA is offering financial counseling to veterans and surviving spouses. For help with your mortgage during COVID-19, head to the VA Home Loans page.
- VA technicians are available to provide help with VA direct or VA-backed loans anytime. Don’t have a VA direct loan but still need help? Technicians can help you communicate with your servicer even if you don’t have a VA direct loan.
- A VA technician will be automatically assigned to your loan if your VA direct or VA-backed loan is 61 days past due.
- In the middle of applying for a loan? The VA is offering services via phone, email, and other electronic methods to those who are still in the application process.
Head to the VA help to avoid foreclosure page for more information.
You can also find more resources for your home finances during COVID-19 from the Consumer Finance Protection Bureau.
And if you’re in need of further assistance, try these posts: