(WFXR) – Homeowners struggling to pay their Virginia mortgages could find much-needed relief.
Virginia is expected to be the Virginia Mortgage Relief Program later this year to help homeowners faced with mortgage defaults, defaults, and foreclosures.
The U.S. Treasury Department has awarded the Commonwealth more than $ 258 million in home equity funds. It is part of the American rescue plan law.
The Virginia Housing Development Authority (VHDA) held a virtual hearing on the aid program Thursday.
VHDA plans to come up with a draft plan that includes a needs analysis to identify homeowners who are most vulnerable to home instability due to the COVID-19 pandemic.
According to data from the needs analysis and draft plan from the Treasury Department’s Household Aid Fund, the national credit default rate in the first quarter of this year was 6.12 percent.
Homeowners can request help when the program starts in early fall.
Get answers to frequently asked questions about the program, with this link.