Military News

Friday, August 20, 2010

VA secretary calls for "forbearance" by mortgage companies

8/20/2010 - WASHINGTON (AFNS) -- Veterans in the Gulf States impacted by the recent oil spill may qualify for delayed mortgage payments if their mortgages already are guaranteed by the Department of Veterans Affairs.

"We are strongly urging mortgage companies to extend every possible forbearance to veterans whose livelihoods have been affected by the oil spill crisis," said Secretary of Veterans Affairs Eric K. Shinseki.

Secretary Shinseki noted that several mortgage companies already have announced plans to waive late payment charges and suspend negative reporting to credit bureaus on affected borrowers. VA officials are asking all mortgage companies to follow this example.

"Through no fault of their own, many of our veterans are out of work and are struggling to earn an income," the secretary said. "We must assist these veterans in this difficult time, just as they have supported us in their sacrifice to the nation."

There is information available on the VA website, www.homeloans.va.gov, that provides basic guidance for veterans affected by a major disaster. Veterans in need of mortgage counseling also may contact their nearest VA regional loan center at 1-877-827-3702 for help and information, regardless of whether or not they have a VA home loan.

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