Various Updates and Changes you might need to know in response to COVID-19

StatesideLegal understands that the COVID-19 pandemic has created a particularly stressful time for those with military experience and their families. With that in mind, this page is here to give you information on resource changes that may affect you and have occurred in response to COVID-19.  We will post information and updates as we become aware of them, including links to sources so you can assess and adapt as necessary.

As always, we wish you and your family well.  Be safe. Be healthy.

 

Sincerely,

StatesideLegal  

 

Changes in Military and Federal Resources

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law to help Americans who are financially impacted by the COVID-19 pandemic.  Part of that law helps homeowners avoid home foreclosure.

If you have experienced financial hardship caused by COVID-19, then according to the VA, "you have options to avoid foreclosure on your VA home loan" under the CARES Act.

"The CARES Act allows borrowers with government-backed loans (including VA loans) to request special forbearance – an agreement between you and your mortgage servicer – where your servicer agrees to either delay payments or to accept partial payments for one or more months. The details of any forbearance agreement are between you and your servicer, which means you don’t have to call VA for permission.

The Consumer Financial Protection Bureau (CFPB) has a video summarizing the mortgage forbearance changes.

  • You can request a forbearance for up to 180 days without paying late fees or other penalties by simply stating you are affected financially by the COVID-19 national emergency. No extra documentation is required.
     
  • If necessary, you can request up to 180 additional days of forbearance before the first forbearance period ends.
     
  • Your servicer cannot report delinquency if you take advantage of relief related to COVID-19 throughout the current emergency and 120 days afterward."

 

PLEASE NOTE: Any payments delayed in a forbearance period are still owed. How they are paid back will be through agreement between you and your mortgage servicer. 

To read more about about your options and find answers to some frequently asked questions, please read the VA's post here.