Silverbird
05-27-2008, 10:47 AM
May 27 (Bloomberg) -- U.S. Air Force (http://www.af.mil/) Technical Sergeant Jeffrey VerSteegh (http://search.bloomberg.com/search?q=Jeffrey+VerSteegh&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), who repairs F-16 jets for the 132nd Fighter Wing, departed Des Moines, Iowa, in April for his third tour in Iraq. The father of four may lose his home when he returns.
The four-bedroom farmhouse he and his wife, Kathleen, own near the Iowa State Fairgrounds (http://www.iowastatefair.com/) went into default (http://www.bloomberg.com/apps/quote?ticker=FORLTOTL%3AIND) in December after their monthly mortgage costs doubled to $1,100. Kathleen missed work because of breast cancer and they struggled to keep up the house payment, falling behind on other bills. Their bankruptcy was approved by the court a week after VerSteegh left for Iraq.
In the midst of the worst surge in mortgage defaults (http://www.bloomberg.com/apps/quote?ticker=FORLTOSD%3AIND) in seven decades, foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average, according to data compiled by research firm RealtyTrac Inc. in Irvine, California. As military families (http://www.operationhomefront.net/aboutus.asp) like the VerSteeghs signed up for the initial lower rates and easier terms of subprime mortgages, the number of people taking out Veterans Administration loans fell to the lowest in at least 12 years.
``We've never faced a situation like this, not in the Vietnam War, World War II, or the Korean War, where so many military are in danger of losing their homes,'' said Paul Sullivan (http://search.bloomberg.com/search?q=Paul%0ASullivan&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), executive director of Veterans for Common Sense (http://www.veteransforcommonsense.org/), a Washington-based advocacy group started in 2002 by Iraq and Afghanistan War veterans. ``No one asked them for their credit score when we asked them to fight for us.''
Military Foreclosures
Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's (http://www.navy.mil/swf/index.asp) largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices....
.http://www.bloomberg.com/apps/news?pid=20601109&sid=awj2TMDLnwsU&refer=home:mad:
The four-bedroom farmhouse he and his wife, Kathleen, own near the Iowa State Fairgrounds (http://www.iowastatefair.com/) went into default (http://www.bloomberg.com/apps/quote?ticker=FORLTOTL%3AIND) in December after their monthly mortgage costs doubled to $1,100. Kathleen missed work because of breast cancer and they struggled to keep up the house payment, falling behind on other bills. Their bankruptcy was approved by the court a week after VerSteegh left for Iraq.
In the midst of the worst surge in mortgage defaults (http://www.bloomberg.com/apps/quote?ticker=FORLTOSD%3AIND) in seven decades, foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average, according to data compiled by research firm RealtyTrac Inc. in Irvine, California. As military families (http://www.operationhomefront.net/aboutus.asp) like the VerSteeghs signed up for the initial lower rates and easier terms of subprime mortgages, the number of people taking out Veterans Administration loans fell to the lowest in at least 12 years.
``We've never faced a situation like this, not in the Vietnam War, World War II, or the Korean War, where so many military are in danger of losing their homes,'' said Paul Sullivan (http://search.bloomberg.com/search?q=Paul%0ASullivan&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), executive director of Veterans for Common Sense (http://www.veteransforcommonsense.org/), a Washington-based advocacy group started in 2002 by Iraq and Afghanistan War veterans. ``No one asked them for their credit score when we asked them to fight for us.''
Military Foreclosures
Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's (http://www.navy.mil/swf/index.asp) largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices....
.http://www.bloomberg.com/apps/news?pid=20601109&sid=awj2TMDLnwsU&refer=home:mad: