Foreclosures hit military towns hard. Here are some tips to help you avoid foreclosures….

by Hank

    

   Home foreclosures near military bases in the United States have jumped four times the national average in the first half of this year!  Bloomberg, the Associated Press, and the Stars and Stripes have been reporting this past week that the housing crisis in America is hitting members of the military extremely hard.  Despite receiving some protection from falling into foreclosure while deployed under the Servicemembers’ Civil Relief Act, military men and women and their families have been having a horrible time making their mortgage payments.  The biggest jump in home foreclosures have not been occurring with homes purchased through the VA loan program.  Members of the military are increasingly defaulting on sub-prime and adjustable mortgages.

Foreclosure Filings Near Military Bases from January to April,
Compared With a Year Earlier:

 

 Columbia, South Carolina:  492%
 Woodbridge, Virginia:  414%
 Triangle, Virginia:  363%
 Oceanside, California:  182%
 Norfolk, Virginia:  155%
 Havelock, North Carolina:  133%
 Carlsbad, California:  131%
 Barstow, California:  120%
 Columbus, Georgia:  102%
 Twenty-nine Palms, California:  73%
 U.S. Total:  59%

 

 

 

 

Here are some tips to help you avoid foreclosures:

  1. Do not ignore any letters from your lender.  If you are having problems making your mortgage payments, talk to you lender to explain your situation.
  2. Ask your lender for help.  Contact them as soon as you realized that you are having a problem.  Ask them to reduce your payments, restructure your payment plan, or suspend payment until you are out of financial hardship.
  3. Do not abandon your home.  You might not qualify for help and other legal rights if you are not currently living in the home.
  4. Learn about the foreclosure laws for your state (every state is different).  Contact the State Government Housing Office. 
  5. Avoid foreclosure prevention (for-profit) companies.  They have huge fees associated with them.  Watch out for foreclosure recovery scams
  6. You can contact a HUD approved housing counselor at 1-800-569-4287 for specific advice and help.

Check out this great website from the Federal Housing Administration that has a lot of details.http://portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL

For the complete article about military home foreclosures check out Bloomberg’s story.

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{ 2 comments… read them below or add one }

Loan-Holder August 18, 2008 at 2:58 pm

Nice blog.I like this post.Keep up good work!

Alex August 18, 2008 at 7:12 pm

Your blog is interesting!

Keep up the good work!

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