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VA Increases Allowable Attorney Fees

The ""U.S. Department of Veterans Affairs"":http://www.va.gov (VA) recently published a notice in the Federal Register that new maximum foreclosure attorney fees will be allowed for loan terminations completed on or after December 12, 2013. ""Maximum fee amounts"":http://benefits.va.gov/HOMELOANS/documents/docs/allowable_attorney_fees.doc vary by state.

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There are no changes in the amounts allowed for deeds-in-lieu of foreclosure or bankruptcy releases, although VA continues to review these fees.

The Department's VALERI system is being enhanced to allow up to the new amount in guaranty claims for loans terminated on or after December 12. If the loan is terminated prior to December 12, no more than the prior maximum fees will be allowed.

The new fees are based on the date of loan termination, which is the ""Final Event"" or ""Loan Termination Event"" as shown in the State Foreclosure Process and Statutory Bid Information table in the Document Library on the VALERI website.

A ""new table"":http://benefits.va.gov/HOMELOANS/documents/docs/allowable_attorney_fees.doc showing the allowable attorney fees effective December 12 is also posted in the site's Document Library. The ""fee cost schedule"":http://benefits.va.gov/HOMELOANS/documents/docs/valeri_fee_cost_schedule_maxallowable.xls in VALERI is currently being updated.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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