Washington, DC – September 29, 2010 – (RealEstateRama) — Today, Rep. Tim Walz (MN-01) and Rep. John Boozman (AR-3) introduced bipartisan legislation to help prevent veterans with VA home loans from becoming homeless due to foreclosure. The legislation mandates that the VA notify its homelessness case managers within seven days of a VA home loan going into default and that the case manager assigned put in place a plan to prevent the veteran from subsequently becoming homeless due to the foreclosure.The Veterans’ Homelessness Prevention and Early Warning Act of 2010 preemptively addresses homelessness amongst Americans veterans. VA-backed home loans, like the larger housing industry, have seen a steady increase in the foreclosure rate over the last three years. In 2007, 8,113 foreclosures of VA loans were completed. In 2009, that number had risen to 15,145
More info...
