By Sherrod Brown
U.S. Senate
No Ohio veteran should be kicked out of their home when they’re trying to get back on track with payments.
As Chair of the Banking, Housing, and Urban Affairs Committee, I’m working to make home ownership more affordable for everyone, including our veterans and servicemembers.
During the height of the pandemic, when many families faced financial difficulties, VA offered veterans and servicemembers a temporary pause on VA home loan mortgage payments through a process called forbearance.
Now, thousands of veterans and their families are at risk of losing their homes because there aren’t enough options to catch up on their payments.
That’s why I introduced the Veterans Housing Stability Act alongside Senator Tester, Chair of the Veterans’ Affairs Committee.
Our bill would prevent veterans and servicemembers with VA home loans from losing their homes when they are working to catch up on their mortgage payments. Veterans want to make their payments and get back on track, but right now VA isn’t offering them any workable options to do that.
Our solution would allow veterans to place their missed payments at the end of their loan, interest-free, without any changes to their monthly mortgage payments. When they move or refinance, they can pay them back.
The VA and other federally-backed mortgage programs have implemented this policy in the past. While VA offered the program, it made a huge difference for men and women who served our country. We need to bring it back.
Across the country, thousands of veterans and their families are facing foreclosure.
Sen. Tester and I urged the VA to pause foreclosures, and they have until June, but veterans deserve a long-term solution.
This is about keeping our promises to veterans – they sacrificed and served and earned their benefits.
Right now, Americans with an FHA loan or a loan backed by Fannie Mae or Freddie Mac, have a clear path to prevent foreclosure. Our veterans should have those same guarantees, and this bill would make sure they do.
Our veterans and servicemembers risked their lives and gave up time with their families to protect us. They deserve to be able to stay in their homes while working to catch up on payments.
