Summary
Congress passed a new law to help veterans keep their homes by letting them move missed mortgage payments to the end of their loan. This decision comes after the Department of Veterans Affairs (VA) ended earlier programs that had supported veterans in similar ways.
Key Facts
- Congress approved a new law to help veterans avoid losing their homes.
- This law allows veterans to move missed mortgage payments to the end of their loan term.
- The VA had ended a previous program that helped veterans manage missed payments.
- The decision to end the previous program left many veterans at risk of foreclosure.
- Around 79,000 veterans and active-duty troops are currently behind on mortgage payments.
- The VA Servicing Purchase program (VASP) had helped 33,000 veterans avoid foreclosure before it was canceled.
- The new law passed with bipartisan support, meaning members from both major political parties agreed on it.
