Military Foreclosures

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May 27, 2008 10:32 am

Can you believe foreclosures among military personal are up over 200%.  There is an exclusion I would actually support.  I am not a big fan of bailing out borrowers (originally a banking background from years past), but come on!  We send them thousands of miles away, ask them to risk their lives for us, pay them jack squat, and then foreclose on their houses while they are deployed.  Doesn't that just seem wrong to anyone else!

May 27, 2008 10:41 am

How many of those foreclosures were incurred by folks overseas and in combat vs active duty in the U.S.? I have military clients who are getting foreclosed on because they bit off more than they could chew. My point is, before putting out a blanket statement, let's see who needs help because they're overseas vs those who got greedy. I hate to be harsh, but accountability needs to be shown by everybody involved - the lenders, the brokers, AND the consumer.

May 27, 2008 10:52 am

I agree with the accountability issue.  I don't support bailouts in most cases on principle, but if you add in the amount of moving around required in the military, and the general age of Military personel, maybe military people shouldn't be allowed to own homes. (wish I had a sarcasm emoticon). 

Honestly though, I tend the think the majority of the cases are probably overseas (I have seen no statistics to back that statement up, but logic would seem to dictate the incredibly high rate compared to the national average, is being affected by an outside influence.)  The only probably influence would seem to be deployment.  If I am wrong, then I'll eat my teenage son's Tennis Shoe....
 
Actually I'm not confident enough in my statement to eat the shoe....