The U.S. Department of Veterans Affairs (VA) is allowing home mortgage loan deferments for Veterans who have experienced financial hardships due to the COVID-19 national emergency. In Executive Order 13924, President Trump directed federal agencies to rescind, modify, waive, or provide exemptions from regulations and other requirements that may inhibit economic recovery.
Many Veterans have taken advantage of the loan forbearance program provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the Act, borrowers who have federally-backed loans can receive forbearance of their monthly home loan payments, for up to 360 days. Forbearance does not mean forgiveness. As Veterans exit their CARES Act forbearance periods, they must work with their mortgage company to determine when to repay the missed amounts.