More Military Personnel Battle Foreclosure
Veterans Administration and other financial groups are reporting that a rising number of U.S. military families are facing foreclosure.
The nine VA regional loan centers have seen an increase in calls from veterans and active-duty service members with home-finance problems, according to an informal poll conducted by department officials in recent weeks, VA spokesman Steve Westerfeld says.
USAA, a San Antonio- based financial services company that serves military members and their families, declined to release figures, but the company said in a statement that it had seen an increase.
"Right now the VA home loan program is basically irrelevant to the crisis," says Rep. Bob Filner, a California Democrat who chairs the Veterans Affairs Committee in the House of Representatives.
The maximum VA-backed home loan available for refinancing under current law is $144,000, making it almost impossible to help service members or veterans struggling to escape a costly, high- interest loan, Filner says.
He has sponsored legislation to address the problem. "Anybody who's defending our nation should not be subject to this," he says.
Source: Greg Zoroya (04/25/08)
The nine VA regional loan centers have seen an increase in calls from veterans and active-duty service members with home-finance problems, according to an informal poll conducted by department officials in recent weeks, VA spokesman Steve Westerfeld says.
USAA, a San Antonio- based financial services company that serves military members and their families, declined to release figures, but the company said in a statement that it had seen an increase.
"Right now the VA home loan program is basically irrelevant to the crisis," says Rep. Bob Filner, a California Democrat who chairs the Veterans Affairs Committee in the House of Representatives.
The maximum VA-backed home loan available for refinancing under current law is $144,000, making it almost impossible to help service members or veterans struggling to escape a costly, high- interest loan, Filner says.
He has sponsored legislation to address the problem. "Anybody who's defending our nation should not be subject to this," he says.
Source: Greg Zoroya (04/25/08)