Search

Advanced Search
Screen Reader users press enter to Limit by Topic.  Limit by Topic
Search Tips
Search filters applied

Difference between the new forclosure process and past Servicer Loss Mitgation Program (SLMP)

Published 08/10/2012 03:23 PM   |    Updated 08/10/2012 04:37 PM

VA will postpone the foreclosure if the technician believes a loss mitigation option is available. How has this changed from the past Servicer Loss Mitigation Program (SLMP) era?

VA no longer does supplemental servicing. We will review a loan when it is referred to foreclosure and if we determine that a loss mitigation option may have been more feasible, then VA may recommend the foreclosure action be placed on hold to do a full review. This recommendation should be on an exception basis in the new environment.