Getting help for Virginia homeowners behind on their mortgage
(WFXR) – Homeowners struggling to pay off their mortgages in Virginia could get much-needed relief.
Virginia should throw the Virginia Mortgage Relief Program later this year as a way to help homeowners facing defaults, defaults and mortgage foreclosures.
The US Department of the Treasury has provided the Commonwealth with more than $ 258 million in homeowner assistance funds. It is part of the American Rescue Plan Act.
The Virginia Housing Development Authority (VHDA) held a virtual hearing on the relief program on Thursday.
VHDA plans to submit a draft plan that will include a needs assessment, to identify homeowners most vulnerable to housing instability due to the COVID-19 pandemic.
According to data from the Treasury Department’s Needs Assessment Project and Homeowner Assistance Fund plan, the national mortgage default rate stood at 6.12 percent in the first quarter of this year.
Homeowners will be able to ask for assistance when the program launches in early fall.
Get answers to frequently asked questions about the program, at this link.