Servicers of VA loans cannot require borrowers to make a lump sum payment immediately after a borrower exits a CARES Act forbearance.
The VA has a suite of loss mitigation options such as repayment plans and loan modification to assist borrowers in repaying payments missed under a CARES Act forbearance. In addition, the VA is continuing to evaluate other options to further assist borrowers affected by the novel coronavirus (COVID-19) national emergency.
Native American Direct Loans (NADL) are managed by BSI Financial Services and are under the Veteran’s Administration. NADL borrowers can request a forbearance plan by contacting the BSI default resolution team at 800-327-7861 or email@example.com.
For additional information, please visit the VA’s website, where you can find a list of frequently asked CARES Act questions. In addition, you may call (877) 827-3702 to contact a VA Regional Loan Center.