Property Crossroads - Real Estate Info

Military suffering during foreclosure crisis

by Dan on May 28th, 2008

People like to complain that homeowners losing their residences to foreclosure don’t deserve any bailouts. They argue that many foreclosure victims put themselves in trouble by stretching themselves financially to get into the biggest, most expensive house they could find.

And, yes, that has happened. With mortgage lenders giving borrowers adjustable-rate loans with initial interest rates that are artificially low, many homeowners did get greedy and purchased homes way out of their price range.

But many, many victims of foreclosure did nothing wrong. They purchased homes that fit within their budgets. They dutifully made their payments. Then something happened: They lost their jobs. They got sick. They got divorced. Those monthly mortgage payments weren’t so easy to make.

Then there are members of the military. In this country, we talk a lot about how much we respect and admire the men and women in our Armed Forces. But sometimes I wonder. Watch this video from CNNMoney. It’s a sobering account of the struggles military personnel on long stints face to keep their homes. Many of them are now facing foreclosure.

After watching, answer this question: What about these victims of foreclosure, do they, at least, deserve some help from our federal government?

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POSTED IN: Breaking News, Buying a Property, Foreclosed Properties, Insights and Commentaries, Mortgage, Real Life Stories, Rights and Laws, Selling a Property