U.S. Military Veterans Facing New War with Foreclosures

The current economic crisis has turned neighborhoods into apparent war zones with the number of vacant homes resulting from foreclosures. Only a few Americans are sheltered from the heavy bombardment that this crisis brings, but new veterans from the military are receiving the brunt of this attack from foreclosures.

Veteran’s organizations have reported several cases of honorably discharged personnel due to injury who are waiting an eternity for their disability claims and who are finding it difficult to find stable sources of income.

Their skills sets are typically different from what job openings are looking for. 18 percent of veterans from 2005 are unemployed. With their income flows are in jeopardy, these veterans find themselves in danger of losing their homes to foreclosures.

Although exact statistics regarding the extent of the number of veterans affected by foreclosures are difficult to establish, Congress has already taken actions to address this issue by changing a moratorium on foreclosures for military personnel from three months up to nine months upon their return from service. Inclusive in this bill is the assurance of a stable interest rate for a year.

Another bill was promulgated protecting injured veterans from foreclosures for a year as they wait for their disability fund. U.S. Senators who introduced these bills claimed these men and women deserve this protection and support.

Non-profit organizations are also taking steps in providing support to these military veterans through financial help. One group, Operation Homefront, have already provided financial aid to 33,000 military families every year.

According to these organizations, the greatest problems these veterans face are related to housing. Some veterans who were injured and cannot function at work rely only on disability checks and government support. Checks are available at an average of six months, which could put a big financial strain on the veteran while they wait for these checks.

These bills, and the government’s effort to convince companies to employ veterans even with disabilities, are these former soldiers’ only hope in retaining their homes.