Nearly 53,000 Disabled Vets Could Get Refunds on VA Home Loan Fees
Northville, MI (Law Firm Newswire) July 25, 2019 – A new report from the Department of Veterans’ Affairs Inspector General found that more than 53,000 disabled veterans could possibly be owed a refund of fees they were incorrectly charged on previous VA home loans.
The refunds could total nearly $189 million and are related to charges assessed in error between 2012 and 2017. In total, 73,000 veterans were incorrectly charged but 19,700 of them were already refunded.
“What is most troubling about this is that VA officials knew for years that these refunds were owed to many veterans, yet the agency failed to act,” said lead attorney James G. Fausone of Legal Help for Veterans in Northville, Michigan. “There should certainly be more investigation into this oversight to be sure nothing else is amiss.”
When a service member applies for a VA home loan, they pay a funding fee from 0.5 to 3.3 percent of the total loan amount that helps to defray the cost of administering the loan. However, veterans who qualify for VA disability benefits are exempt from VA funding fees.
The refunds could potentially be substantial for individual payees. The average refund amount was found by the Inspector General to be more than $4,400. The biggest refund owed was $19,470.
The VA has created a plan to identify the affected vets and to implement it by July 31. There is no deadline for the refunds to be issued yet.
James G. Fausone is an Army veteran and attorney at Legal Help for Veterans. Contact the team at Legal Help for Veterans with questions about VA benefit eligibility at 1-800-693-4800 or at https://www.legalhelpforveterans.com/Learn more at http://www.legalhelpforveterans.com Legal Help for Veterans, PLLC 41700 West Six Mile Road, Suite 101 Northville, MI 48168 Toll Free Phone: 800.693.4800