VA Addresses Special Relief Following Hurricane Laura

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In Circular Letter 26-20-34, the VA addressed concerns for VA home loan borrowers in the wake of Hurricane Laura.  The VA encourages holders of guaranteed loans to consider the following assistance measures:

  • Forbearance;
  • Moratorium on Foreclosure;
  • Late Charge Waivers; and
  • Suspension of credit bureau reporting on affected loans.

The VA also encourages servicers to extend special forbearance to members of the National Guard who experience financial difficulties as a result of their service. 

Finally, the VA encourages servicers and borrowers to review their Guidance on Natural Disasters

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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