Take Action Now before it is Too Late!

 If you’re a veteran or active-duty service member with a VA-guaranteed home loan and you’re facing foreclosure, the Veterans Affairs Servicing Purchase (VASP) program may help you keep your home. VASP is available for borrowers who do not qualify for any other available loss mitigation options. VASP requires your Servicer to modify the terms of your loan to a 2.5% interest rate to make your payments affordable.  The VA then purchases your mortgage from your servicer, and you make your future payments to the VA. 

The VA launched VASP on June 1st, and your servicer could submit your file then.  But Mortgage Companies had until October 1st to get ready.  During this time, you can still lose your home. The VA encourages you to call them if you are having trouble working with your servicer.  You can call 877-827-3702 and select 4 (TTY: 711).  Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.  

This isn’t a program that you apply for yourself.  VASP is a last-resort option for keeping your home when your loan servicer has determined that no other option can help you avoid foreclosure. The other options that the servicer will consider first are repayment plans, special forbearances, or loan modifications. Your loan servicer will tell you if the VASP program is an option for you to avoid foreclosure on your home. They’ll review the required criteria for VASP to determine if your loan qualifies. Tell your servicer right away if your financial situation changes. According to the VA, that is all you can do.

We know that government does not specialize in efficient, effective programs.  The VA is no different. We are mindful that many financial institutions do not comply today with the VA's programs at your expense.  Furthermore, we know they are anticipating only 21,000 loans in the program when currently there are over 136,000 VA-backed loans in default nationwide.  This represents 4% of all VA-guaranteed home loans, a number which is TWICE the rate of the average citizen across the US. Much is still to be determined as to how these programs will work. Help us take a STAND FOR JUSTICE today.  Get involved.  Let your voice be heard.  Tell your Leaders.  Write letters.  Start a campaign.  Raise hell.  We are.  You can too.