MBA Statement on the Veterans Affairs Voluntary Foreclosure Moratorium
November 30, 2023
WASHINGTON, D.C. (November 30, 2023) — MBA's President and CEO Bob Broeksmit, CMB, released the following statement on the Department of Veterans Affairs’ (VA) voluntary foreclosure moratorium:
“MBA and its members share the VA’s commitment to helping distressed Veteran borrowers stay in their homes through a more affordable and sustainable mortgage payment. We also believe that restoring the VA’s standalone partial claim program – which worked successfully for Veterans and servicers until it was sunset in October 2022 – needs to be part of the VA’s long-term plans to assist borrowers facing hardships.
“In the meantime, we have significant concerns on the implementation of the voluntary foreclosure moratorium. Servicers provided relief to struggling borrowers during the pandemic by advancing the payments owed on their mortgages and are willing to do so again. However, the VA needs to provide a detailed plan on how servicers will be reimbursed for advancing payments on behalf of borrowers.”