Saturday, January 19, 2008

And it starts:

Legislation to Help Military Veterans Survive the Subprime Mortgage Crisis Mortgage Foreclosure & Refinance Resource

House Committee on Veterans’ Affairs Chairman Bob Filner (D-CA) on December 19, 2007 introduced a pair of bills to address the needs of veterans during the ongoing subprime mortgage market crisis.
H.R. 4883 will prohibit foreclosure of property owned by a servicemember for one year following a period of military service.
“For many of our returning servicemembers and veterans, the stress of what they have gone through in war is still prevalent when they return home,” continued Chairman Filner. “Unfortunately, for many of these heroes, subprime loans are the only option when they do not have the best credit score, and more often than not, their low credit score is a direct result of their service to our country."
Winston-Salem Journal Military families among those hit with home foreclosures
FAYETTEVILLE, N.C. - The number of defaulted home mortgages in the state has risen sharply in recent years, and about a third of foreclosure auctions in the Fayetteville area have involved active-duty military families or veterans.
Military members are going to be particularly susceptible to the housing crash because in many cases they will be unable to wait it out, and be forced into a position of having to sell, due to mandatory military moves.


foreclosure attorney sarasota said...

Foreclosure of property happens when the borrower can no longer pay his obligations to the lender. Thus, his properties will now be freezed and will become the property of the lender, mostly the banks. Most properties that are foreclosed are houses and business establishments. As we look at this, foreclosure should not happen, that is why we offer help to you.