View Full Version : Forclosure protection
Red Flag 1
03-06-2008, 09:53
The Air Force Times, in its 10 MAR issue, is reporting that Sen. John Kerry (D-Mass) has introduced legeslation that would give mobilized Guard and reserve members a longer term of forclosure protection after they are released from active duty. Current law provides a 90 day protection. Sen. Kerry wants that extented to one year. Similar plan was proposed in the House last year with no agreement reached.
Lets hope this flys!
RF 1
The Reaper
03-06-2008, 11:10
The Air Force Times, in its 10 MAR issue, is reporting that Sen. John Kerry (D-Mass) has introduced legeslation that would give mobilized Guard and reserve members a longer term of forclosure protection after they are released from active duty. Current law provides a 90 day protection. Sen. Kerry wants that extented to one year. Similar plan was proposed in the House last year with no agreement reached.
Lets hope this flys!
RF 1
I don't know too many military personnel who lose their homes through foreclosure.
Most are more stable and get enough additional combat pays to cover the mortgage, as long as mama doesn't go crazy.
Not too many places to spend it in theater, either.
TR
I don't know too many military personnel who lose their homes through foreclosure.
Most are more stable and get enough additional combat pays to cover the mortgage, as long as mama doesn't go crazy.
Not too many places to spend it in theater, either.
TR
I'd agree...the best foreclosure protection is to pay your bills on time and live within the limit of what you make...not what your buddies, neighbors, and family spend.
I'd agree...the best foreclosure protection is to pay your bills on time and live within the limit of what you make...not what your buddies, neighbors, and family spend.
Try telling that to the millions of financially irresponsible Americans out there..:confused:
2018commo
03-06-2008, 15:31
I agree with TR, not as many of us have these issues, but there are a few whose station in the National Guard is far less than it is in their civilian career.
There are professionals and executives who are E-5 and E-6's and see their participation as a welcomed distraction.
However it is toughest on the self-employed who either stand their operation down or rely on a family member to carry the load, often with poor results.
We have been at this for a while now, since 2001, and the reality of deployment (s) is understood. During the First Gulf War, three guys from my unit lost their shirts. This legislation is grandstanding, if the Junior Senator wanted to help us, he would support letting NG and Reserve Soldiers collect their retirement upon retirement instead of waiting till 60.
Based on 29 years and two states of NG fun and excitement.
I own my own business and am a member of the Guard, so I can identify with the previous poster's comments. If I allowed myself to to dwell on the financial consequences of this decision, I would lose my mind. Every time a school date or projected deployment date gets moved, that is another time I have to shut down or restart my business. It is not simply a matter of opportunity cost, it is the reality that there will be times when you are not on active duty but unable to earn a living because of military committments. Nevertheless, I came into this with my eyes wide open and wouldn't do anything differently.
The key is to remain asset light and financially flexible. Instead of purchasing a home a few years ago, I continued to rent so that I can turn off monthly housing expenses while on active duty. I maintain a bigger cash buffer than I used to (12 months instead of 4-6), so that I can fund a restart without hitting the wall. I paid my car off before enlisting and will drive it into the ground. I am single, so I know it's easier for me and really feel for the married guys with families.
What is needed, if we are to remain committed to the current force structure, is a reassessment of how we take care of our ARNG and USAR soldiers.
How are their healthcare needs met? I have personally incurred healthcare costs associated with line of duty injuries that would have broken the back of most families. My story pales in comparison to many others I've encountered who have either gone untreated or were damaged financially.
How are their emotional and psychological needs met? Particularly important with NG SF units, where we and our families are scattered to the four winds.
How enforceable are the employment protections afforded them? No HR professional that I know sees the current laws as something to be taken seriously. If a veteran is being treated well by his employers, it is a sign of good will, not legal compliance.
How accessible are the income replacements currently offered? The current plan requires that you be mobilized for 18 consecutive months before the payments kick in.
Just some food for thought.