June 19, 2012

Protecting our Veterans from Foreclosure

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As our veterans’ return home from deployments, it is essential that we ensure the transition is as smooth as possible.  This means ensuring there are jobs and housing available to them and this includes helping them with solutions to keep their homes if they’re in trouble.

Take Sabrina Lacy for example.  A single mother, Lacy serves as a Sergeant in the United States Army Reserve.  After returning from a deployment in 2007, Lacy was unable to work due to an injury she suffered while on her deployment.  This caused her to fall behind on her mortgage payments.  In 2009, she was able to get a loan modification with the help of the Long Island Housing Partnership (LIHP) but it was an interest only modification and did not include a principal reduction.  By 2011 she had fallen 14 months behind on her mortgage despite the modification.  Following the announcement of the National Mortgage Settlement, LIHP reached out to Bank of America on Lacy’s behalf and succeeded in getting her a loan modification that included a principal reduction.  Since gaining the modification, Lacy reports that her overall health has improved and she has resumed her commitment to the armed forces by volunteering with the local VFW.

Yesterday at a press conference, Secretary Donovan joined New York Attorney General Eric Schneiderman to discuss how Sabrina was able to stay in her home thanks to the National Mortgage Servicing Settlement and her HUD-approved housing counselors.  During the press conference AG Schneiderman also announced the release of the $60 million Request for Application (RFA) for the Attorney General’s Homeowner Protection Program.  This program will provide millions of dollars to support housing counselors and legal services providers who are assisting struggling homeowners facing or at-risk of foreclosure across the state of New York.

Our men and women in uniform sacrifice so much for our country.  They shouldn’t have to worry about losing their homes while they are gone.  Visit National Mortgage Settlement.com to learn how it can bring relief to distressed homeowners.

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