Special Help for Military Families Forced to Sell at Loss
I noticed in today’s news that there is special help for military families. Military families are often required to relocate to a new assignment. As housing prices have fallen, many military families have been forced to either sell at a tremendous loss, attempt to rent their home, split up their family, or face foreclosure. The recent American Recovery and Reinvestment Act (ARRA) included a provision to help these families. By expanding the existing authority under the Department of Defense’s Homeowner Assistance Program, the government will now cover 95% of a loss if a servicemember is forced to sell.
The new law only applies to servicemembers with mortgages entered into before July 1, 2006. To find out if you are eligible for the program please visit the Department of Defense’s website:
