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VA launching new program to help local veterans keep their homes

Posted at 4:58 PM, Apr 11, 2024
and last updated 2024-04-11 19:00:53-04

HARKER HEIGHTS, Texas — The VA has a new program launching next month to help qualified veterans, active-duty service members, and surviving spouses avoid foreclosure on their homes.

Chanell Shropshire is a veteran who served 11 years in the Army.

”I did have medical problems but I didn’t get our medically retired,” Shropshire said.

"I am a 100 percent disabled vet.”

She is also a single mother struggling to keep up and now, she has fallen behind on her mortgage payments.

”I had a lot of medical issues and then my son had surgery, and medical bills just build up,” Shropshire said.

"For me, yeah, the VA took care of most of it, but it kind of set me back when i can’t go to work and I have to put in PTO. If I don’t have enough PTO hours, I just can’t show up to work so, I don’t get paid.”

All that just adds to the rising cost of living most of our neighbors are struggling with but for people like her, the VA might be able to help through their new Veterans Affairs Servicing Purchase program that launches at the end of May.

The VA is offering to take over home loans for qualified veterans and turn them into direct loans at a low interest rate.

This is good news for Shropshire, who is close to foreclosure and can’t afford to refinance an current market rates.

25 News' Adam Schindler asked her if she really thinks that it’s needed, or that it’s necessary, or that it can help people like her.

”I do think it’s needed, necessary, and it sounds like it’s better that the forbearance because the VA will have more control and be able to help us with our payments versus, us not paying for a whole 6 months and then once the payment is due, we got to pay the whole thing,” Shropshire said.

The VASP program will be a last resort option for veterans, active-duty service members and surviving spouses.

In a VA press release, VA Secretary Denis McDonough stated, “We at VA are committed to doing everything in our power to help Veterans avoid foreclosure, and that’s exactly why we’re launching VASP – to help the Veterans who need it most.”