VA Home Loan Program Reform Act

Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.

Bill 119 hr 1815, also known as the "Veterans Home Loan Default Prevention Act," aims to amend title 38 of the United States Code to give the Secretary of Veterans Affairs the authority to take specific actions in the event of a default on a home loan guaranteed by the Secretary.

The bill allows the Secretary to provide financial counseling and assistance to veterans who are at risk of defaulting on their home loans. This includes helping veterans explore options to avoid default, such as loan modifications or refinancing. Additionally, the Secretary is authorized to work with lenders to find solutions that will prevent foreclosure and help veterans stay in their homes.

Furthermore, the bill includes provisions to streamline the process for veterans to apply for assistance in the case of a default. This includes establishing clear guidelines for eligibility and ensuring that veterans receive timely and effective support. Overall, the goal of Bill 119 hr 1815 is to provide veterans with the necessary resources and support to prevent default on their home loans and avoid the devastating consequences of foreclosure. By empowering the Secretary of Veterans Affairs to take proactive measures, this legislation aims to protect the financial well-being of our nation's veterans and ensure they have access to stable housing.