To assist Veterans in retaining their homes, VA has extended COVID-19 related programs to provide several loss mitigation options to allow for deferral or modification to existing VA home loans. Specifically, VA extended the COVID Refund Modification, Disaster Extend Modification and Loan Deferment options through May 31, 2024, to assist Veterans impacted by the COVID-19 national emergency who are behind on their mortgage payments.
By strongly encouraging mortgage servicers to pause foreclosures and extend the options above, we can continue assisting Veterans with their loans while we continue to develop our newest home retention option, VA Servicing Purchase (VASP) program. Through VASP, VA will purchase defaulted VA loans from mortgage servicers, modify the loans, and then place them in the VA-owned portfolio as direct loans.
For more information, please visit - https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp