Trump Signs Bill That Helps Prevent Veterans' Homes Being Foreclosed

U.S. Navy/Public Domain

On Wednesday, President Donald Trump signed a bill that makes the Department of Veterans Affairs able to help prevent home foreclosure for veterans.

Trump signed, "The VA Home Loan Program Reform Act" in the presence of its sponsor Republican Congressman Derrick Van Orden, along with Republican Congressman Mike Bost.

Van Orden is a retired Navy SEAL.

The bill states that it “authorizes the VA to pay the holder of a loan guaranteed by the VA an amount necessary to avoid the foreclosure of the loan, provided that the holder of the loan and the veteran obligated on the loan execute documents to ensure the VA obtains a secured interest in the property covered by the loan."

Also that, "The VA must prescribe loss mitigation procedures to help prevent the foreclosure of such a home loan. The VA may not take specified administrative actions (e.g., consent to the modification of loan terms) until the sequence of mitigation options has been completed."

Trump said at the signing that over 60,000 American veterans are at risk of losing their homes.

The president said, “But thanks to this bill, the Department of Veterans Affairs will be empowered to pay loan holders the necessary amount to prevent foreclosures on our veterans, so our veterans won’t be foreclosed and put out onto the streets."

"It’s very important," he added. “That’s the kind of numbers you’re talking about. It’s big stuff.  The costs of the program are fully offset and will add nothing at all to debt."

Rep. Van Orden called Trump the “most positive pro-veteran president in the history of this country.”

“He backs up his words with deeds," Van Orden added.

Hopefully, this will lessen a major burden for many veteran homeowners.

Because if anyone deserves some kind of break or help, it's them.