U.S. Sen. Tim Kaine, a member of the Senate Armed Services Committee and a former fair housing attorney, announced his co-sponsorship today of the Veterans Housing Stability Act of 2024.
The legislation would help veterans and active servicemembers with Department of Veterans Affairs (VA) home loans exit forbearance, get their mortgage payments back on track, and stay in their homes.
During the COVID-19 pandemic, veterans and servicemembers who faced financial strain were able to go into forbearance on VA home loans without facing a penalty. However, when the COVID-19 declared national emergency ended, thousands of veterans and servicemembers who took forbearance lost that ability and were told to pay the paused payment amounts as a lump sum, leaving them vulnerable to losing their homes.
“Our veterans and servicemembers deserve our full support, including when it comes to getting back on track with their mortgage payments so they can stay in their homes,” Kaine said. “Last year, I was proud to be a part of a successful effort to push the VA to provide that support, which resulted in a pause in VA loan foreclosures. This bill would build on that step by implementing a long-term solution to help more Americans who rely on VA mortgages keep a roof over their heads. As a senator and a former housing attorney, I will always support affordable, accessible housing for our veterans and servicemembers.”
The Veterans Housing Stability Act of 2024 would also grant the VA the authority to impose a moratorium on foreclosure or establish a period of forbearance in light of an urgent need, such as a declared national emergency or disaster.
The Veterans Housing Stability Act of 2024 was led by Sens. Jon Tester of Montana and Sherrod Brown of Ohio.
Veterans who are struggling to make VA home loan payments are encouraged to visit www.va.gov/housing-assistance or call 877-827-3702 for assistance.
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Rebecca Barnabi
