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Military families often find themselves in difficult circumstances,...

Military families often find themselves in difficult circumstances, especially when they are transferred from one base to another and must sell their home in a hurry. This forces some into financial straits, or ends up with a homeowner owning two homes instead of one.

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According to the regulator for government-controlled mortgage companies, the Federal Housing Finance Agency, military families will now be allowed to sell their homes for less than what they owe. Short sales that are usually reserved for those who are in arrears with their mortgage payments are now available since the government-controlled companies have eased the rules for military families.

Military members, who receive what is called a Permanent Change of Station, often find that they must move in a hurry. This can result in not finding a buyer or renter for their former home and this in turn, leads to financial difficulties. In the economic downturn we are currently

experiencing, many spouses find it hard to immediately find a job in a new location.

Those who serve our country deserve to be given the best service by their mortgage servicer, said Consumer Financial Protection Director Richard Cordray.

It can be difficult enough for members of the military to deal with the daily intricacies of defending our country, rather than worry about the maintenance and leasing of a property in another jurisdiction, says Edward Demarco, acting director of the housing regulator.

Military homeowners face unique and challenging situations, many of which can throw them into defaulting on their loan obligations. Thats why being able to sell your home in a short sale, should assist many military homeowners from falling into loan default situations.

Regulators such as the Federal Reserve, the Consumer Financial Protection Bureau, and the National Credit Union Administration have issued guidelines for mortgage companies to comply with. Citing misleading or abusive practices, these regulators are seeking that military service members are given priority with these new consumer-protection laws.

In a move which should come as welcome relief to struggling military service members, financial regulators say they will take action against lenders that don't provide adequate help to military members forced to move from one location to another. For Arizonas military families, this comes as a relief, and in some cases, a huge financial burden is lifted.

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Posted in Landscaping Post Date 04/25/2017


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