VA Sets Allowable Attorney Fees for Judicial, Non-Judicial Foreclosures
August 7, 2015
The Department of Veterans Affairs Home Loan Guaranty program has announced new maximum attorney fees for all loan terminations completed on or after Aug. 31, 2015. In this regard, the VA has published in the July 31 Federal Register an updated table of the cost of legal services for terminating VA loans in judicial and non-judicial jurisdictions. The amounts of legal fees in the table are deemed “reasonable and customary” by VA for all states, based on an annual agency review of such fees allowed by other government-related home loan programs. Issued by VA, Fannie Mae and Freddie Mac, the list of fees cover the cost of terminating a single-family home loan, including foreclosure, deed-in-lieu of foreclosure and bankruptcy-related services. Based on increases announced over the past year by the VA and the government-sponsored enterprises, the VA has deemed it necessary to publish a ...