Loss-mitigation refers to several different methods that are used by lenders to help you avoid losing your home prior to and during the foreclosure process. The VA provides strong incentives for lenders under the Loan Guarantee Program to work with you to avoid foreclosure. In addition, the VA has specialized loan representatives who can help you work with your lender to resolve problems.
The Homeowners Assistance Program (HAP) provides assistance with foreclosure situations. For eligible applicants, the Government may:
On May 20, 2009 President Obama signed a law that gives some new protections to most tenants whose landlords are going through foreclosure. The law takes effect immediately. Here is the gist of the law:
On May 26, the Department of Justice Civil Rights Division announced settlements with two mortgage servicers under the SCRA to resolve allegations that the servicers wrongfully foreclosed upon active duty servicemembers without first obtaining court orders. Combined, the settlements provide more than $22 million in monetary relief for the victims.
