Sunday, April 27, 2008

Mortgage Problems A Threat To Servicemembers' Homes, Careers

National Public Radio recently ran a story on a situation that reportedly is becoming more common among military personnel.
  • [T]hough the Pentagon doesn't keep statistics on foreclosures, officials say a growing number of service members are struggling with their mortgages. Some [...] have seen big jumps in their monthly payments. Others — after being ordered to move to new duty stations — are stuck with homes they can't sell. A foreclosure can also result in other consequences for service members, including the loss of security clearances because of debt problems.

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  • So many service members in San Diego are having mortgage problems that the Coronado Naval Base recently hosted a clinic where military families could meet with housing counselors, foreclosure experts and even bankruptcy lawyers. "Eighteen months ago, I might get one call a month about somebody who's worried about their mortgage," said Keith Kaufman, a manager of the Fleet and Family Support Center at the base. "If I get less than three calls a day now, that's a good day."

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  • [Navy spouse Suzanne] Johnson says her family considered filing for bankruptcy or letting their lender foreclose on one of their homes. But they worry that could harm her husband's career. "My husband's security clearance is in jeopardy," she said. "A foreclosure or a bankruptcy, [any] bad marks on our record, it could directly affect him and his job. He could not be allowed to do what he does."

For more, see Downturn Puts Soldiers' Homes, Careers at Risk.

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