Sergeant's Biggest Fight May Be With Their Mortgage Lender
Jeffrey VerSteegh is a Tech Sergeant in the U.S. Air force, he repairs f-16 fighter jets, and has served three tours of duty in Iraq, but his biggest fight of his life may be his fight to rescue his home from foreclosure.
Jeffrey came face to face with war but the biggest threat he has had to face to date is the prospect of finding that he and his family are homeless. Like so many homeowners, Jeffrey is in default on his mortgage due to his monthly payment jumping $1,100. On top of that his wife Kathleen has missed work because she is suffering from cancer.
Statistics
Unfortunately Jeffrey and Kathleen are part of the statistics. A report done by the research company, Realtytrac Inc. has indicated that foreclosures in "military" towns are up to four times that of other areas. These statistics are the result of military families signing up for low variable rate mortgages, these rates have escalated in recent times and this causes monthly payments to escalate.
Due to generally low wages many military homeowners are not able to pay the increased monthly payments. Unlike so many civilian homeowners they can not go get a second job nor do other efforts to try to increase their income so they can adjust to the inflated mortgage payments.
Service Members Civil Relief Act
These service men have to try to face these financial situations often while they are oversees fighting enemy forces in Iraq. While the Service members' Civil Relief Act protects soldiers and sailors from losing homes for nonpayment of mortgages while AWAY on active duty it only protects and them for 90 days after they return home.
Unfortunately lenders aren't required to keep records on the status of non-government loans to military members or veterans.
No Hope
There are laws out there that can protect members of the military, however these laws are not made public knowledge and the banks are not going to take the time to tell their military members about these regulations. One such regulation provides military personnel with right to have interest rates temporarily lowered to 6% on loans they incurred prior to entering active service.
The VerSteeghs like so many other military families were not aware of this law. They attempted to get assistance from Hope Now but they did not receive any real assistance and they also were not informed of the law pertaining to interest rate deductions.
``We got no hope from Hope,'' and no information about the potential interest-rate deduction, according to Kathleen VerSteegh.
Reputable foreclosure agencies
If the VerSteeghs had been informed of this law or other options they had perhaps they would not be facing foreclosure. There are legitimate agencies that will help protect distressed homeowners and particularly active duty military families to survive the threat of foreclosure. But like the VerSteeghs if you do not know your option you can not do any thing to fight. You can not combat the banks alone, which would be like being sent to the enemy line unarmed.
If you find yourself in a similar situation to the VerSteeghs then you need to know what your options are. You would most likely benefit by contacting a foreclosure expert to assist you in your battle with the mortgage company. When looking to hire a negotiation expert be sure to thoroughly investigate them to make sure they are reputable. Remember you do not have to fight this fight alone.
Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
Jeffrey came face to face with war but the biggest threat he has had to face to date is the prospect of finding that he and his family are homeless. Like so many homeowners, Jeffrey is in default on his mortgage due to his monthly payment jumping $1,100. On top of that his wife Kathleen has missed work because she is suffering from cancer.
Statistics
Unfortunately Jeffrey and Kathleen are part of the statistics. A report done by the research company, Realtytrac Inc. has indicated that foreclosures in "military" towns are up to four times that of other areas. These statistics are the result of military families signing up for low variable rate mortgages, these rates have escalated in recent times and this causes monthly payments to escalate.
Due to generally low wages many military homeowners are not able to pay the increased monthly payments. Unlike so many civilian homeowners they can not go get a second job nor do other efforts to try to increase their income so they can adjust to the inflated mortgage payments.
Service Members Civil Relief Act
These service men have to try to face these financial situations often while they are oversees fighting enemy forces in Iraq. While the Service members' Civil Relief Act protects soldiers and sailors from losing homes for nonpayment of mortgages while AWAY on active duty it only protects and them for 90 days after they return home.
Unfortunately lenders aren't required to keep records on the status of non-government loans to military members or veterans.
No Hope
There are laws out there that can protect members of the military, however these laws are not made public knowledge and the banks are not going to take the time to tell their military members about these regulations. One such regulation provides military personnel with right to have interest rates temporarily lowered to 6% on loans they incurred prior to entering active service.
The VerSteeghs like so many other military families were not aware of this law. They attempted to get assistance from Hope Now but they did not receive any real assistance and they also were not informed of the law pertaining to interest rate deductions.
``We got no hope from Hope,'' and no information about the potential interest-rate deduction, according to Kathleen VerSteegh.
Reputable foreclosure agencies
If the VerSteeghs had been informed of this law or other options they had perhaps they would not be facing foreclosure. There are legitimate agencies that will help protect distressed homeowners and particularly active duty military families to survive the threat of foreclosure. But like the VerSteeghs if you do not know your option you can not do any thing to fight. You can not combat the banks alone, which would be like being sent to the enemy line unarmed.
If you find yourself in a similar situation to the VerSteeghs then you need to know what your options are. You would most likely benefit by contacting a foreclosure expert to assist you in your battle with the mortgage company. When looking to hire a negotiation expert be sure to thoroughly investigate them to make sure they are reputable. Remember you do not have to fight this fight alone.
Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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