RICHMOND – The Virginia Mortgage Relief Program, or VMRP, announced significant policy changes Wednesday.
Starting Tuesday, January 10, eligible homeowners can now receive up to $50,000 in funds to cure their mortgage or other eligible homeownership-related delinquencies. In addition, the delinquency start date requirement was eliminated. To be eligible for VMRP assistance, homeowners must have a delinquency related to a COVID-19 hardship experienced after January 21, 2020 (including a hardship that began before January 21, 2020, but continued after January 21, 2020). that date), which significantly reduced income or increased living expenses, to be eligible for VMRP assistance.
In response to feedback from applicants and stakeholders, these policy changes are intended to increase assistance and eligibility for Virginia homeowners experiencing financial hardship due to the ongoing challenges caused by the COVID pandemic. -19. Since the program launched on January 3, 2021, VMRP has actively worked with applicants and participating mortgage servicers and debt holders to offer relief to Commonwealth homeowners experiencing delinquency to avoid default, foreclosure mortgage or displacement.
Virginia homeowners who need assistance with overdue mortgages and/or other qualified homeownership-related delinquencies can find more information about program eligibility and apply at VirginiaMortgageRelief.com. Applicants previously deemed ineligible who may now qualify after these policy changes should contact a program representative at 833-OUR-VMRP (833-687-8677), Monday through Friday, 8 a.m. to 8 pm, to begin the appeal process over the phone. or schedule an in-person appointment at a VMRP Assistance Center. A VMRP assistance center is located in Wytheville, as well as Arlington, Newport News and Richmond.
Payments are made directly to the mortgage servicer, tax agency or other eligible entity once the owner’s application is approved. To qualify for VMRP, Commonwealth homeowners must:
• Being delinquent on an eligible program expense;
• Have a household income at or below 100% of the applicable Area Median Income, or the National Median Income, whichever is greater, or be a socially disadvantaged person (as defined by the US Treasury) with an income household at or below 150% area median income or 100% national median income, whichever is greater;
• You experienced a financial hardship related to the pandemic; Y
• Own and occupy a home in Virginia as your principal residence.
“For Virginia homeowners struggling to pay their mortgage or other homeownership expenses during these tough economic times, VMRP provides valuable support and assistance to help ease the stress and keep families in their homes,” said Malika Mickey, VMRP manager. We encourage those who have not applied or who are now eligible under these policy changes to not hesitate and complete an application as soon as possible.”
Homeowners who do not qualify for VMRP and need assistance with their mortgage and other housing-related expenses should contact a HUD-approved housing counselor and/or their mortgage servicer.
The goal of VMRP is to prevent and/or alleviate mortgage delinquencies, defaults, foreclosures, and displacement for Virginia homeowners experiencing financial hardship due to the COVID-19 pandemic. The Commonwealth of Virginia received $258 million to implement the VMRP through the US Department of Treasury Homeowners Assistance Fund.