Foreclosures with the military

[Pima]

http://thinkprogress.org/economy/2011/11/29/377392/banks-illegally-foreclose-military/

Luckily, they are finally addressing this issue.

the Office of the Comptroller of the Currency has found that banks — including Bank of America, Wells Fargo, and Citigroup — may have improperly foreclosed on up to 5,000 active members of the military:
Ten leading US lenders may have unlawfully foreclosed on the mortgages of nearly 5,000 active-duty members of the US military in recent years, according to data released by a federal regulator. [...]
The data released by the OCC are based on estimates prepared by lenders and their consultants. BofA said it is reviewing 2,400 foreclosures involving active-duty military families to see if they were conducted properly. Wells Fargo is reviewing 870 foreclosures and Citigroup is looking at 700 cases.
Also under review are 575 foreclosures at OneWest, formerly known as IndyMac; 87 at HSBC; 80 at US Bancorp; 56 at Aurora, formerly known as Lehman Brothers Bank; 25 at MetLife; six at Sovereign; and three at EverBank.

I have a friend who works in personnel at Quantico, and he informed me of this issue about 18 months ago. It was becoming a nightmare for them because that foreclosure impacts their security clearance. They were having members PCS to Quantico that immediately lost their clearance which was needed for the position. Starting over a new clearance can take up to 6 months, which meant for 6 months the member was not doing their job.

Realtors were well aware of this occurring because many will call their realtor to get guidance on how to rectify the situation. In my office 95% of us have some direct connection to the military (Retired or married to a member). We all had the same reaction when we get these calls...OH CRAP, do you have a TS clearance, if so get on top of this now.

Unfortunately banks don't understand that for military members their job is in jeopardy.

I am not implying that they purchased a home they couldn't afford and be given an edge. I am saying it is becoming an issue that can no longer be ignored.

Last year alone, 20,000 members of the military faced foreclosure, a 32 percent increase over 2008. The newly created Consumer Financial Protection Bureau is tasked with ensuring that military members are treated fairly by financial services companies

If you know any military in this predicament, please pass this along. Just as many military members are unaware of special programs within the military, or are too proud to ask for help, knowledge is key.