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12.3.7.1 Overview

In June of 2021, the VA issued a waterfall of loss mitigation options to help borrowers resolve their COVID-19 hardships.384Prior to their June update, the VA had provided protective language on forbearance, but did not offer expanded post-forbearance options.385

It is generally easy to determine whether the loan is VA-guaranteed—the status of VA is identified in prominent text on the mortgage documents. Additionally, because of the connection to military status, VA-borrowers often know if they have VA-guaranteed loan.

Footnotes