Help for Veterans Facing Foreclosure

November 07, 2010

The Veterans’ Homelessness Prevention and Early Warning Act of 2010 was introduced by Rep. Tim Walz and Rep. John Boozman on September 22.

The bipartisan legislation aims to help keep the rising number of veterans facing foreclosure of their VA home loans from homelessness by implementing a stronger level of VA support.

“American heroes living on the streets, out of cars and on the couches of family members is a disgrace,” said Congressman Walz. “These men and women fought for our country and we must do everything we can to address their unique needs, which all too often are a contributing factor in homelessness amongst this population.”

The VA does not own or service the VA loan, however, the department is considered responsible for the loan because it guarantees, or backs, each loan. The VA’s guarantee is what allows veterans, active duty service members, Reservists and National Guard members, and certain military personnel spouses to receive VA loans with competitive interest rates and mortgage terms with zero money down. These great federal subsidies help veterans and active duty personnel find homes for their military families.

Military Man saluting to an American flagAlthough the VA home loan program has remained rather strong in spite of the economic downturn, 15,145 VA loans were foreclosed in 2009 — a number that has nearly doubled since 2007.

“Homelessness is a serious problem amongst our nation’s veterans,” said Rep. Boozman, a Ranking Member of the VA Economic Opportunity Subcommittee. “This simple coordination can ensure that our veterans have access to the assistance they need to confront the challenges of the current economic environment.”

To prevent the further spread of homelessness amongst veterans, the Veterans’ Homelessness Prevention and Early Warning Act of 2010 will mandate that the VA:

*Alerts VHA homelessness case managers within seven business days of being notified of a VA home loan defaulting

*Ensures that each VHA case manager is able to provide alternate housing for the veteran should the veteran lose his or her home

*Submits a plan for the Act within six months of enactment and has the regulations in place within one year of enactment.

“Stable, permanent housing is the cornerstone of health and family – our veterans deserve nothing less,” said Nan Roman, president of the National Alliance to End Homelessness. “This bill represents the first step in connecting all veterans to the support and resources necessary to achieve that stability for themselves and their families.

“I applaud Representatives Walz and Boozman for demonstrating urgency on this critical issue, and I look forward to their continued leadership to prevent and end homelessness for all our nation’s heroes.”

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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