Veterans who have been affected by recent tornadoes in Alabama, Arkansas, Georgia, Mississippi and Tennessee that have VA-guaranteed home loans may be able to receive special disaster assistance from their loan servicer.
According to the Department of Veterans Affairs, there are almost 26,000 veterans who are eligible to obtain individual assistance by the Federal Emergency Management Agency in counties affected by the weather outbreaks.
Eric Shinseki, secretary of Veterans Affairs, said “it is important for veterans to be aware of their rights and understand there are many resources available to help them recover from this disaster.”
For any losses related to weather issues, veterans should contact their insurance company as soon as possible to file a claim. It is also important for veterans to speak with their mortgage companies to let them know of their current situation.
Low interest loans, cash grants and housing assistance may be available from agencies associated with the disaster recovery effort.
The VA is asking mortgage companies not to initiate any new foreclosures in areas hit by the tornadoes for a period of 90 days. The agency also encourages mortgage companies that service VA-guaranteed home loans to extend all possible forbearance to borrowers who are in distress through no fault of their own, including suspension of reporting to credit bureaus and waiving late charges for affected borrowers.
