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Financial Services Law Insights and Observations

VA updates loan repayment relief for Covid-19 borrowers

Federal Issues Department of Veterans Affairs Covid-19 Mortgages Forbearance Consumer Finance

Federal Issues

On February 28, the Department of Veterans Affairs (VA) issued changes updating Circular 26-21-07 to address loan repayment relief for borrowers affected by Covid-19. The circular is “Change 2” of the original circular issued in June 2021, which, among other things, provided servicers with information regarding home retention options and foreclosure alternatives for impacted borrowers. The guidance stems from the extended duration of the pandemic and developments in the VA’s program. (Covered by InfoBytes here). The circular is now effective until July 2023.

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