Another way troops end up homeless

If you cannot understand why there are so many more veterans ending up homeless, here is another reason, aside from wounds, aside from PTSD. This is just one more reason. National Guardsmen being taken away from their jobs and businesses over and over again. Who is paying their bills? Look at the difference in the income this National Guardsman has to deal with in order to serve this nation.

Beard recounted several nightmares: a veteran whose mortgages on three properties have doubled to $8,800 a month; a National Guardsman and father of three facing foreclosure on his home after his $60,000 income dropped to $20,000 while he deployed for a third tour; a military wife who hadn’t yet broken the news to her husband in Iraq that their $1,200 monthly mortgage just doubled to $2,500.

Mortgage crisis hits home for troops, vets

By Gidget Fuentes - Staff writer
Posted : Thursday Nov 29, 2007 20:12:40 EST

CHULA VISTA, Calif. — Air Force veteran Nellie Cooper thought she was following good advice when she refinanced her home’s mortgage with an adjustable-rate loan. For the self-employed real estate agent, it seemed smart.

But her mortgage payments ballooned while local property values dropped, sinking her prospects of refinancing into a more secure, fixed-rate loan. With lenders nationwide tightening eligibility rules, Cooper is finding few that are willing to refinance or rework the loan into something financially manageable for her.

“Nobody will finance 92 percent value of a house, and I am getting more in arrears,” Cooper, who is juggling three part-time jobs to keep her home, told a Nov. 27 public forum led by Rep. Bob Filner, D-Calif. “I’m still … trying to see if I can do something with the lender.”

Cooper, who lives in Oceanside, Calif., found no help from the Department of Veterans Affairs: Except in very rare cases, VA does not refinance mortgages it didn’t sell. She didn’t buy the house through VA because she was told repeatedly she didn’t qualify and the paperwork was “too cumbersome.”

“I was dissuaded by many to take the conventional way” with bank-backed loans, she said.

Filner, who chairs the House Veterans’ Affairs Committee, planned the field hearing on the sub-prime market and its effects on veterans.

“Home ownership is one of the great aims of the American dream,” Filner told a crowd of about 75 in Chula Vista, a suburb south of San Diego.

“We also know this dream can become a nightmare, especially for our veterans who are on deployments,” Filner added.
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http://www.armytimes.com/news/2007/11/military_subprime_071129w/