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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.