Posted on Feb 17, 2024
Thousands of vets fell victim to a bait-and-switch...by the VA? Lawmakers want a fix
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https://www.npr.org/2024/02/17/ [login to see] /veterans-mortgage-va-covid-forbearance
Lawmakers summoned the head of the Department of Veterans Affairs' loan program, John Bell, to Capitol Hill this week and asked him to explain how the VA is going to fix a debacle that's left many vets in danger of losing their homes.
Lawmakers summoned the head of the Department of Veterans Affairs' loan program, John Bell, to Capitol Hill this week and asked him to explain how the VA is going to fix a debacle that's left many vets in danger of losing their homes.
Thousands of vets fell victim to a bait-and-switch...by the VA? Lawmakers want a fix
Posted from npr.org
Veterans Affairs (VA)
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Posted 10 mo ago
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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I have tagentally tracked this story, but never dug into it until now. Surely the accusations of "bait and switch" were hyperbole and there was much more to the situation.
I first looked at the information currently on the VA's site* about the forbearance program and then, using the WayBack machine, I looked at the info that was on the VA's site as it read on June 1st, 2020.
Although the format changed a bit, the information is there in blue and white (or some other colors depending on your browser settings):
● If you take the COVID forbearance, your loan will continue to accumulate interest, but not late fees or other penalties.
● VA has notified mortgage companies that the missed payments due at the end of a COVID-19 forbearance period do not have to be made up in a single payment.
Looking through the other information, it DOES sound like a "bait and switch" from what the veteran was being told.
This is obviously a case where the government screwed the pooch and has to make it right.
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* Information for VA home loan borrowers during COVID-19 - https://benefits.va.gov/homeloans/cares-act-frequently-asked-questions.asp
* Information on VA page as of 1 JUN 20 - https://web.archive.org/web/ [login to see] 3458/https://benefits.va.gov/homeloans/cares-act-frequently-asked-questions.asp
I first looked at the information currently on the VA's site* about the forbearance program and then, using the WayBack machine, I looked at the info that was on the VA's site as it read on June 1st, 2020.
Although the format changed a bit, the information is there in blue and white (or some other colors depending on your browser settings):
● If you take the COVID forbearance, your loan will continue to accumulate interest, but not late fees or other penalties.
● VA has notified mortgage companies that the missed payments due at the end of a COVID-19 forbearance period do not have to be made up in a single payment.
Looking through the other information, it DOES sound like a "bait and switch" from what the veteran was being told.
This is obviously a case where the government screwed the pooch and has to make it right.
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* Information for VA home loan borrowers during COVID-19 - https://benefits.va.gov/homeloans/cares-act-frequently-asked-questions.asp
* Information on VA page as of 1 JUN 20 - https://web.archive.org/web/ [login to see] 3458/https://benefits.va.gov/homeloans/cares-act-frequently-asked-questions.asp
Apply for and manage the VA benefits and services you’ve earned as a Veteran, Servicemember, or family member—like health care, disability, education, and more.
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