A new law signed by President Donald Trump on July 30 will establish a new partial claims program designed to help veterans who fall behind on their mortgage payments avoid foreclosure.
The bipartisan VA Home Loan Program Reform Act grants the Department of Veterans Affairs expanded authority to pay loan holders the necessary amounts to prevent foreclosures on Veterans Affairs-backed home loans.
The bill also boosts funding for programs aimed at preventing veteran homelessness.
At the bill signing ceremony, Trump highlighted the legislation’s broad, bipartisan support in Congress and described it as “common sense legislation.”
Here’s what to know about the new law, which could benefit 3.7 million veterans while directly helping as many as 61,000 veterans currently at risk of losing their homes….
New Law Helps Veterans Avoid Foreclosure—What to Know
