August 10, 2021 News & Press Releases

ICYMI: “Help Coming to Virginia Homeowners Behind on Their Mortgage”

by Democratic Party of Virginia

Thanks to Virginia Democrats and President Biden’s American Rescue Plan, more help is on the way

Richmond, VA — As the commonwealth continues to recover from the economic crisis caused by the COVID-19 pandemic, Democrats are continuing to deliver for working families. New reporting is highlighting how more help is on the way for Virginians -- this time for homeowners struggling to keep a roof over their heads. 

After receiving over $258 million for homeowner assistance from President Biden’s American Rescue Plan, Virginia is launching the Virginia Mortgage Relief program to help homeowners struggling to make mortgage payments.

WAVY: Help coming to Virginia homeowners behind on their mortgage

Homeowners who are struggling to pay their mortgages in Virginia could get some much-needed relief.

Virginia is expected to launch the Virginia Mortgage Relief program later this year as a way to help homeowners facing mortgage delinquencies, defaults, and foreclosures.

The U.S. Department of the Treasury has awarded the Commonwealth more than $258 million in homeowner assistance funds. It is part of the American Rescue Plan Act. [...]

VHDA plans to submit a draft plan that will include a needs assessment, to identify homeowners who are most vulnerable to housing instability because of the COVID-19 pandemic.

According to data from the Department of Treasury Homeowner Assistance Fund Needs Assessment and Plan draft, the national mortgage delinquency rate stood at 6.12 percent in the first quarter of this year.