Several months ago I wrote a blog post called Military Homeowners Face Foreclosure. I wrote it after meeting with several military families stationed at the Submarine Base in Groton. The subject troubled me because these families, in service to our nation, were being transferred from the Groton area, but unlike corporate transferees did not have the same protection with a "loss on sale" or other typical corporate benefits.
Since I wrote that post I've worked with more military families facing the same predicament. As I mentioned in the previous post, any military family who bought a home since 2005 and is now being transferred is facing a dismal situation especially if they used a 100% mortgage product, like VA or the Veteran's Choice program offered by the local Navy Federal Credit Union. With prices flat and inventory building, these families are most likely looking at a loss after paying their seller closing costs.
It didn't seem right and I ended the post with the question...... shouldn't there be a military relocation program similar to that of civilians? The blog post went pretty much unnoticed until today, when within 30 minutes of each other, I received a call from a senior producer at CNN and a producer with the CBS Evening News with Katie Couric. And while it was pretty cool to talk to them both, they really were calling to see if I knew of any military personnel facing foreclosure who would be willing to talk to them.
I'm hoping that the stories they produce call attention to the problem. I think it is a story that deserves to be told beyond where my little blog can reach.
If you are a military family facing foreclosure and would like to tell your story, please contact me and I will put you in touch with the big guys.
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