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Topic: EMAIL I SENT, FEEL FREE TO COPY AND FORWARD |
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Posted By on 07-13-2009 02:14 PM
Thank you Commander...It is terrific to finally see someone in your position take a stand for all of the military families who are in this position.
When I speak of this to other non military people I am often asked what makes us so special-It is not so much "special" as it is unique. The news is full of stories about how the government and mortgage companies are helping families facing foreclosures and the one common criteria for this aid is that the home must be the primary residence. This where military families are "unique." We are facing a totally separate set of circumstances. When we are forced into a PCS move the home ceases to be the primary residence. At this point we are trying sell, not because of a bad loan, or a transfer of choice but because we have no choice but to move or be separated. Because of the "crisis" not only were we at a disadvantage to actually sell but now most of us are upside down which has made the burden even tougher to bear...I don't know many military families with an extra 100K or more just laying around.
The waiting lists for base housing at most duty stations are incredibly long and many times inadequate. Renting is an option but why pay someone else's mortgage and why should we wait until retirement to enjoy some of the tax benefits homeownership garners. There are also any number of other reasons why many military families choose homeownership, in fact many of those reasons mirror those of the average civilian family.
Yet here we are sitting idly by with very few options (if any) as Wall Street and certain sectors of homeowners are provided with alternatives and we seem to be expected to suck it up. We pay taxes just like anyone else and many service members have a spouse that works and pays taxes as well.
We are living this nightmare-a lender told me recently when looking at a short sale option that not only would we receive 1099 for the amount of the deficit but we would also have to sign a promissory note for the deficit. Additionally there was only a 50-100 difference in points on our credit between foreclosure and short sale. Where is the benefit-It is not our fault that the industry, even our mortgage holder engaged in bad lending practices and that is the best they have to offer us.
When we contacted the VA (our loan is VA backed) and explained our situation-by virtue of PCS orders it is not our intent to keep the home, we were told our only option was to let the house go into foreclosure and suffer the consequences.
WHY!!!!!!!!!!!!
Why can't someone up there on capital hill put a little focus into coming up with a solution for military families and stop pretending like our situation is just like everyone else...It is likely too late for our family and many others who have been following the extraordinary efforts of Joe Gladden and team for sometime now...we expect foreclosure in a matter of months...we have tried and we hope that our lender will end up working out something with us but thus far we have been given no reason to be optimistic. Our credit will be trashed and my hubby's security clearance may be in jeporady but at least we will have some measure of peace in knowing that there is no where to go but up when all is said and done and through it all we ended up together as a family.
No matter, we will continue to follow and support the efforts of Joe & team and pray that somehow all of the closed ears on capital hill will be opened. |
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RE: EMAIL I SENT, FEEL FREE TO COPY AND FORWARD |
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VRSAM 
Senior Member
Posts:250
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| 07-13-2009 07:16 PM |
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Layla,
Very sorry to hear this. Without knowing the particulars of your loan terms, it is hard for me to make any concrete suggestions. But as we suggest to everyone who takes the time to write to us, please write to your elected officials and ask every memeber of your family, friends, and associates to do the same. You can print pre-written letters at www.moresam.net. Also, call them immediately and let them know what is happening.
You can review info on this link (same forum) for some thoughts on where to look for help.
http://vrsam.conforums.com/index.cgi?board=Update
If you care to share details of your situation via email with us, we may be able to offer more specific info.
Please keep us advised on the circumstances and know that we are completely empathetic with your situation.
Joe Gladden, Managing Partner, VR SAM |
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Joe Gladden, Captain, USN (retired) Realtor
Managing Partner, VR SAM
Veteran Realty Serving America's Military, Inc.
703 754-3036
homesformilitary@vrsam.com
www.vrsam.com |
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VRSAM
Senior Member
Posts:250
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| 07-13-2009 07:15 PM |
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Well said! I couldn't agree more. But please do hang in there...these government programs are slowly "morfing" and there may be some relief on the horizon. Please stay tuned as we are trying to assimilate the lates on your options. Apologize for the delay on these, but they literally change daily. Recommend reviewing Susan Wallace's board for updates (on this site) also.
Just minutes ago, I finished an interview with a Washington Post writer who appears very interested in getting the truth out. He needs a name and face to bring life to the article. If you are interested, please contact me at 703 754-3036. Thanks. Joe |
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Joe Gladden, Captain, USN (retired) Realtor
Managing Partner, VR SAM
Veteran Realty Serving America's Military, Inc.
703 754-3036
homesformilitary@vrsam.com
www.vrsam.com |
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In Limbo
Posts:633
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| 07-13-2009 07:14 PM |
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Thank you Commander...It is terrific to finally see someone in your position take a stand for all of the military families who are in this position.
When I speak of this to other non military people I am often asked what makes us so special-It is not so much "special" as it is unique. The news is full of stories about how the government and mortgage companies are helping families facing foreclosures and the one common criteria for this aid is that the home must be the primary residence. This where military families are "unique." We are facing a totally separate set of circumstances. When we are forced into a PCS move the home ceases to be the primary residence. At this point we are trying sell, not because of a bad loan, or a transfer of choice but because we have no choice but to move or be separated. Because of the "crisis" not only were we at a disadvantage to actually sell but now most of us are upside down which has made the burden even tougher to bear...I don't know many military families with an extra 100K or more just laying around.
The waiting lists for base housing at most duty stations are incredibly long and many times inadequate. Renting is an option but why pay someone else's mortgage and why should we wait until retirement to enjoy some of the tax benefits homeownership garners. There are also any number of other reasons why many military families choose homeownership, in fact many of those reasons mirror those of the average civilian family.
Yet here we are sitting idly by with very few options (if any) as Wall Street and certain sectors of homeowners are provided with alternatives and we seem to be expected to suck it up. We pay taxes just like anyone else and many service members have a spouse that works and pays taxes as well.
We are living this nightmare-a lender told me recently when looking at a short sale option that not only would we receive 1099 for the amount of the deficit but we would also have to sign a promissory note for the deficit. Additionally there was only a 50-100 difference in points on our credit between foreclosure and short sale. Where is the benefit-It is not our fault that the industry, even our mortgage holder engaged in bad lending practices and that is the best they have to offer us.
When we contacted the VA (our loan is VA backed) and explained our situation-by virtue of PCS orders it is not our intent to keep the home, we were told our only option was to let the house go into foreclosure and suffer the consequences.
WHY!!!!!!!!!!!!
Why can't someone up there on capital hill put a little focus into coming up with a solution for military families and stop pretending like our situation is just like everyone else...It is likely too late for our family and many others who have been following the extraordinary efforts of Joe Gladden and team for sometime now...we expect foreclosure in a matter of months...we have tried and we hope that our lender will end up working out something with us but thus far we have been given no reason to be optimistic. Our credit will be trashed and my hubby's security clearance may be in jeporady but at least we will have some measure of peace in knowing that there is no where to go but up when all is said and done and through it all we ended up together as a family.
No matter, we will continue to follow and support the efforts of Joe & team and pray that somehow all of the closed ears on capital hill will be opened. |
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VRSAM
Senior Member
Posts:250
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| 07-13-2009 07:13 PM |
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Commander Durdin, thanks for serving and thanks for taking a very clear stand on this! You are absolutely correct on all counts! Thank you for taking the time to share your thoughts. We will continue to do out best to get the word out and force action on this unsatisfactory circumstance!
Joe Gladden, VR SAM Managing Partner |
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Joe Gladden, Captain, USN (retired) Realtor
Managing Partner, VR SAM
Veteran Realty Serving America's Military, Inc.
703 754-3036
homesformilitary@vrsam.com
www.vrsam.com |
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Tim Durdin
Posts:633
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| 07-13-2009 07:13 PM |
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EMAIL I SENT, FEEL FREE TO COPY AND FORWARD to all in your contact list.
Subj: Housing Crisis Hurting Military Families
Please take a look at this situation (links below), if you are moved to do so please have each member of your household print, sign and mail the formatted letters to let Congress know that we should be helping our Servicemen who are being hit especially hard by this housing crisis. The more the letters the better so please send to each of your two Senators and your House Representative and then share this email information with those in your address book that believe in helping our Men and Women in Uniform.
http://www.moresam.net/MakeaDifference/tabid/154/Default.aspx
http://vrsam.conforums.com/index.cgi?board=Support
I have heard numerous stories over the last year about how the housing crisis was affecting our servicemen. My first take was that these were isolated incidents but after some investigating this appears to be systemic throughout all the services and is about to blow into a huge problem unless something is done. The Northern Virginia area was hit pretty hard in this housing crisis with military foreclosures increasing over 400%, [ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awj2TMDLnwsU ]the rest of the military base cities have seen similar numbers. The last three personnel that checked into the Pentagon while I was there had left their families at their last duty station since they can’t sell because they can’t get enough to cover the mortgage. They can’t move their family since they can’t afford a place to live at the new duty station and pay the huge gap between rental income and mortgage on the house they were leaving. They are staying with friends, renting rooms with people or going in with several others in the same position to pack into a small apartment. The result has been that we have Sailors, Marines, Soldiers and Airmen that are returning from deployments overseas and receiving orders to a new duty station, home prices have dropped below the point of just losing their down payment and they are stuck. Many have asked to be kept in the same area, since their budgets are set for the current home, to ride out the crisis long enough for the housing market to rebound to a point they can get out of it, but they are needed at the new base. The needs of the service are forcing them to move and the housing crisis is forcing the family to be separated for another long period. The other option they have is to allow the home to go into foreclosure, most servicemen have security clearances and this could be detrimental to keeping them along with the other long term affects of a foreclosure on your record. Historically if you could keep a home for three years (the standard length of a set of orders) you would break even on the property and usually have some equity to roll into the next home which would hopefully build and allow the Servicemember to have a modest down payment on a home upon retirement from the military. It was also piece of mind that you owned the property that you were leaving your family in while you deployed overseas ensuring that the family would not be forced to move while you were deployed and allowing the family to at least paint the walls and have a pet to make it a home. Base housing is not adequate to house all Servicemembers and their families so they are forced to live on the economy, there is very little help given to the member beyond the monthly allowance. For each move they are given five day’s of house-hunting leave to visit their next duty station to find a place to live but the member has to pay all their expenses for this trip to a new city that they have probably never been to before to find a place for their family to live all in 5 days. The military picks up the actual moving expense and gives a once per move dislocation allowance to assist in expenses but anyone that has done a move knows that there are thousands of dollars involved in moving and setting up a new home. Our servicemen have dealt with this for many years without complaint and some have even come out ahead being forced to sell and move at the top of the market but as we know with real estate location and timing is everything. These two variables are not on option for Servicemembers since they are both set by the needs of the military.
The bottom line here is that we have servicemen that are proudly serving this country and families sacrificing so that that member can serve. They integrated into the communities that they were assigned; they purchased modest homes not to flip them and make money but for them to have the security of owning the property they are leaving their families in when they deployed. They followed all the rules. The military is ordering moves of Servicemembers around the country to where they are needed which is not a request (there is a reason they are called Military Orders) and they do not have the option of just resigning to avoid the move. The congress has approved $700 Billion to bailout our fancy-math Wall Street establishments, Auto Industry and Insurance firms; shouldn’t we direct a miniscule portion of this to assist our Servicemembers families through this time. We can act now or wait two years and wonder why a half of our Sailors, Marines, Soldiers & Airmen have a foreclosure and/or a bankruptcy on their records and are having their security clearances revoked.
These Warriors are proud and are used to making it happen on a small budget. They move when and where they are told, all over the world, uprooting their families and starting over in a new city. They are not looking for a handout and want to pay their obligations but need some help right now to get them through this unprecedented housing crisis.
Thank you,
Tim
U.S. Navy |
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