Foreclosures for Military Members
Fannie Mae has created the KnowYourOptions.com website to help its homeowners discover their options when they’re faced with foreclosure. There is a special segment dedicated to military members who are having issues with their mortgage payments to Fannie Mae.
This mortgage company offers a special military hardship for some homeowners and others may get protection from a foreclosure for up to nine months following the termination of their active duty status. To determine if you qualify for a military hardship you need to prove and have received Permanent Change of Station orders, you’re in active duty service or recently left and you or your spouse was injured in active duty.
There are a variety of mortgage programs designed to help American military members navigate their home loans. The programs range from ones that are designed to help you keep your home and avoid foreclosure to ones that are designed to simply move you out of your home without too much stress and financial difficulty.
For military members who want to say in their homes the programs to consider are refinancing, a repayment plan, a military forbearance, a home loan modification and a deed for lease. For people who would like to leave their home and get out from under the burden of their mortgage a short sale or a deed in lieu are both options to consider.
If you’re a military member and concerned about your mortgage the military websites Army OneSource and Military OneSource can offer you information and assistance with similar plans that will protect you from foreclosure, whether your want to stay in your home or leave it.
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