Over three hundred Military service members who had their homes foreclosed while active, will be receiving a settlement from Bank Of America. This settlement will give the 316 military families at least “$116,785 plus compensation with interest” for the improper foreclosures. The Civil Relief Act provides protection for military members to prevent home closings, which can add to the already high levels of stress our military face while in service. : Imagine being 6,000 miles away from home in a war zone, worrying about getting through the day, getting through the year. You are completely cut off from your family and friends from home, you miss all of the little moments and big celebrations the year might bring. You may not come home, and if you do, you won’t be the same. And you do this because it is your job. You decided that your job was going to be protecting the country. It doesn’t matter whether you agree with the war or not, your life goes on the line. Now imagine that while dealing with all of these things, you have to then worry “Will I still have a home to go back to?” This is the effect that improper housing closures have on our military. Hundreds will receive some measure of compensation after the ordeal. These 316 are not the only ones.
“In 2011, federal regulators said banks may have improperly foreclosed on more than 5,000 members of the military and violated the service members Civil Relief Act.”
The improper business practices of the banks and loan agencies have created a housing bubble and a mortgage crisis. Homes are shut down due to errors that take years to rectify, leaving the home owner devastated. Huge loans are given out to those with no collateral and no means of paying back the money, creating a system where defaulting is more prevalent than paying off. Those at fault walked off, were bailed out, or continued on their way. Now we see another demonstration of how the average individual may suffer through the violation of the rights in place to protect them.
Written by Courtney Kidd, LMSW
SJS Staff Writer
Our authors want to hear from you! Click to leave a comment