US EditionHousing advocates ‘very worried’ veterans could face foreclosure as VA mortgage rescue program phases out
- The Department of Veterans Affairs is discontinuing its loan assistance program designed to help veterans with mortgage difficulties, stopping new applications starting May 1, 2025.
- This phase-out follows the VA's large workforce reduction and the Trump administration's decision to end VASP over concerns about its impact on the VA home loan program and taxpayers.
- VASP, created less than a year ago under the Biden administration, helped veterans in mortgage trouble, with over 17,000 loans purchased worth more than $5.48 billion, but no replacement program has yet been announced.
- Mortgage Bankers Association vice president Justin Wiseman said, "We are very worried" that without a replacement program, more veterans will face foreclosures, a concern shared by housing advocates and Democratic lawmakers.
- While the VA insists current enrollees remain unaffected and offers other housing assistance, the lack of immediate replacement raises concerns that many veterans may be forced to sell homes or face foreclosure.
24 Articles
24 Articles
How could Trump ending a VA mortgage program leave veterans on the streets?
The VA Servicing Purchase, or VASP, program was enacted by the Biden administration to help veterans avoid foreclosure by rolling their missed mortgage payments into low-interest loans. But the Trump administration has ended this key lifeline for veterans, and many military and Department of Veterans Affairs advocates are worried it could lead to more veterans foreclosing on their homes. What did the commentators say? Cutting the VASP, which has…
Veterans facing foreclosures as Trump administration pulls plug on Biden program: report
At a time when veterans with VA loans are struggling to keep their homes out of foreclosure, the Veterans Administration (VA) under Donald Trump's stewardship has decided to pull the plug on a program built specifically to keep them housed.According to a report from NPR, the program known as VA Serv...
Georgia Public Broadcasting
Trump's VA strands thousands of veterans by ending a key mortgage program
The VA Servicing Purchase program has helped about 20,000 veterans avoid foreclosure. But Republicans in Congress have been critical of the program, saying it puts too much taxpayer money at risk.
Housing advocates ‘very worried’ veterans could face foreclosure as VA mortgage rescue program phases out
Affordable housing advocates and congressional Democrats are warning that more foreclosures may occur as the Department of Veterans Affairs phases out a mortgage rescue program for financially strapped veterans this week.
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