United States Soldier In Afghanistan Got Just What He Deserved
While this year’s Veteran’s Day may have just passed, Scottsdale real estate agent Jeff Daley makes it a point to honor the nation’s soldiers whenever possible.
“I have a special affinity toward the veterans out there, my brothers and sisters, especially those serving in harm’s way,” said Daley, who along with his wife, Jane, leads the Luxury Valley Homes team for West USA Realty in Scottsdale.
It’s a personal thing, for sure. He served in the U.S. Army in Vietnam from 1963 to 1969 and was part of MACV-SOG, the Military Assistance Command, Vietnam – Studies and Observations Group, special operations units assigned to covert and classified missions. His specialty at that time was weapons and language, and although his career is now world’s away from the work he did with the military, he’s still looking out for fellow warriors.
Just this past summer, for instance, he was at the Carl T. Hayden VA Medical Center in Phoenix when someone told him about a young wife and mother whose husband was serving in Afganistan. The young couple owned a home that was “underwater” – they owed more on it than it was worth – and were now facing a possible short sale mostly because of a poorly advised financing decision made years ago. What’s more, the wife hadn’t mentioned a word to her husband about the predicament because she didn’t want to distract him from his duties abroad.
“You just don’t need these types of activities to bother you when you’re in combat operations, have other people reporting to you, and have other people’s lives in your hands,” Daley said, impressed with the young wife’s determination to handle this battle on the homefront.
So Daley figured he’d try to help. He contacted the woman and learned the couple had utilized a five-year “balloon” payment, which essentially requires a large, inflated final payment when the mortgage comes due. They had figured they’d be able to get a new mortgage when the final payment came around, Daley said, but at that point, their home was underwater and their bank was not willing to negotiate. Some nice improvements the woman had made to the home to surprise her hardworking soldier also had, unfortunately, a negative effect; the neighborhood’s values wouldn’t sustain the home’s increase in value.
And all of this in spite of the fact that “their credit was absolutely stellar and they took their responsibilities seriously,” he said.
“In order to get rid of the home, they would’ve had to do a short sale, but then she would be homeless,” Daley said. “It was kind of sad.”
That’s when he figured it was time to get creative. Daley went to the bank himself and, when initially told there was nothing that could be done, suggested the Servicemembers’ Civil Relief Act (formerly known as the Sailors’ and Soldiers’ Civil Relief Act of 1940) should come into play in this situation and afford this serviceman some measure of protection. The act, according to the U.S. Department of Defense website, means service members may qualify for any or all of the following:
- Reduced interest rate on mortgage payments.
- Reduced interest rate on credit card debt.
- Protection from eviction if your rent is $1,200 or less.
- Delay of all civil court actions, such as bankruptcy, foreclosure or divorce proceedings.
Daley suggested to bank personnel that, in this situation, the relief act would come into play and before they foreclosed on this military family, they might want to check with legal counsel about any possible liabilities.
Daley said he told them, “I’ve got to believe helping this family would pay public-relations dividends and be great for your business.”
The bank’s personnel understood the benefits of the transaction and, in the end, made a good business decision, he added. They rewrote the mortgage for a traditional, 30-year loan for a well-qualified and very deserving military family. As a plus, the monthly payment remained approximately the same for the couple.
“Even though we’re real estate people and not loan experts, we can help with running a situation by a lender,” Jane Daley said.
Jeff Daley noted that a balloon payment was not the correct program for this family and should never have been made available to them in the first place. t's why he recommends a veteran looking to purchase a home or needing assistance with a current home issue, seek out a REALTOR® who works frequently with service members, and is knowledgeable about VA loans. That kind of experience makes a big difference, as evidenced in this young couple’s case.
“Jane and I were just incredibly pleased we were able to play a role in making this happen for them,” he said.
Original article can be read on Soldier's Family with Mortgage Crisis
Written By: Gremlyn Bradley-Waddell, Author and Freelance Writer for The Arizona Republic | AZCentral.com
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