The housing crisis has particularly impacted military servicemen and women. Like many other homeowners across the country, they too have been met with unforeseen financial and mortgage challenges, which become all the more difficult to contend with when they receive a permanent change of station (PCS) order that requires them to relocate.
For service members who are underwater on their mortgage, a PCS can prove to be especially challenging – with a decrease in their home value, they may find themselves unable to sell their property at a price that will enable them to pay off their mortgage, putting them at risk of falling behind on their monthly payments.
Military homeowners who have been displaced from their home due to a job transfer may be eligible for a loan modification via the Home Affordable Modification Program
(HAMP); this enables them to lower their monthly mortgage payment in order to avoid becoming delinquent on a mortgage they would have otherwise been able to repay. Service members may also be eligible for the Servicemembers Civil Relief Act (SCRA), which provides a wide range of financial protections.
If you are a military homeowner in need of mortgage help – or are wondering if you qualify for HAMP or SCRA – we encourage you to call our HOPE Hotline at 888-995-HOPE (4673). Our trained, professional housing counselors can walk you through the program’s eligibility requirements and other possible mortgage-related solutions. The call is free and our counselors are standing by.