If Anyone Deserves Mortgage Loan Modification, It’s Veterans
On this Veterans’ Day, as I ponder the many great men and women (some of them relatives and friends) who have given so much for this country, my thoughts inevitably turn to the fact that military foreclosures are on the rise. In my mind, this is inexcusable. Military personnel sacrifice so much for us, including health, life and relationships, and this is fast becoming an epidemic amongst those who serve their country.
This Veterans’ Day comes as many mortgage lenders (including Citi and JP Morgan) come to the realization that all these foreclosures and problems are going to hurt their bottom lines. As a result, many mortgage lenders are now offering rather generous terms for loan modification. This could provide the means to save many homeowners from foreclosure. But I wonder how many of those saved homeowners will be military personnel.
Programs for those who are facing foreclosure are the focus of many impassioned arguments that favor letting some people reap the consequences of poor decisions. But I think that many of us can agree that veterans should have access to preferred loan terms. Indeed, many military families fell victim to problems due to their deployment. After all, one doesn’t get paid very much while deployed — especially in the National Guard or in the Reserves. Another problem is that many veterans come back disabled or with mental health issues that prevent them from picking up at their old jobs. This, too, can put a home in jeopardy.
It is vital that members of the military have homes to return to. When it comes to mortgage loan modification, lenders and the government should make sure that veterans are the first in line to receive help.
So, today, consider our veterans. And remember to find a few and thank them for their service.
Happy Veterans’ Day.
Tags: mortgage loan modification, thank a veteran, home mortgage loan, mortgage loan blog,
mortgage lenders, loan modification, military foreclosures
