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Home Destination On Housing Help For Veterans: military homeowners facing foreclosure challenges with rates continuing to affect our nation’s veterans and servicemembers' efforts to gain and maintain affordable housing
More Veterans Are Homeowners Vs Other Civilian Residents
State of Minnesota Veterans Day Event November 11, 2014
We glean a glimpse from the work of Trulia's Chief Economist Jed Kolko who took time to study geographic patterns in veterans' living arrangements. He found that they prefer the comrade of residential neighborhoods where they can share life and memories together. Notably, veteran residents opt to own their home more than their civilian neighbors.
“Finally, veterans are more likely to be homeowners than other adults. Households headed by veterans have a 79% homeownership rate, significantly higher than the 63% rate for households headed by civilian non-veterans. Age accounts for most of this gap. As we noted, there’s a two-decade age gap between veterans and non-veteran civilians, and, except for the very old, the homeownership rate is higher for older adults. Nevertheless, even adjusting for this age difference, homeownership is still about seven percentage points higher for veterans, thanks in part to U.S. Department of Veterans Affairs loan programs (VA loans) and other incentives”, according to Kolko’s findings.
Recognizing that veterans of the wars in Iraq and Afghanistan face unique hurdles in housing and foreclosures, Minneapolis residents show strong support that they care. Too many times, veterans and widows do not have sufficient housing resources.
A Minneapolis veteran, Bobby Hull, currently a general contractor, was able to gain help when Occupy Minnesota and Neighborhoods Organizing for Change (NOC) came together to help save his home, by engaging his neighbors to care and make a difference. This remarkable veteran foreclosure turn-a-round story demonstrates that foreclosure situations can be reversed when local neighborhoods care and put forth reasons to the banks to reconsider. It is encouraging to find that servicers really do not prefer a foreclosure due to the high costs of foreclosure and it's effects on the economy. “The banks immediate response was … ‘It’s not our responsibility,’ and it went from that to ‘Now we’ll fix it for you,’ because of public pressure and because communities stood with Bobby,” said Nick Espinosa, a spokesperson for Occupy Minnesota. We urge veterans to act as soon as possible if needing housing help to find your best options. Please call Jenna Thuening at 612-396-7832 today.
Servicemembers Rights Enforcement Improvement Act of 2012
On April 18th, 2012, U.S. Senator Patty Murray (D-WA), Chairman of the Senate Veterans’ Affairs Committee, introduced the Servicemembers Rights Enforcement Improvement Act of 2012 for housing help for Veterans. With growing concern that high unemployment and foreclosure rates continuing to affect our Minneapolis veterans and servicemembers, this bill endeavors to add protections to help shield our nation’s heroes. The Uniformed Services Employment and Reemployment Rights Act (USERRA) and the Servicemembers Civil Relief Act (SCRA)— have been violated in a disturbing number of cases within the past several years and need strengthening.
Over the past year, it has come to light that several banks improperly overcharged and foreclosed upon deployed servicemembers in violation of the SCRA. Failure to comply with SCRA protections is unacceptable.
This bill strengthens the statutory protections of SCRA as well as the mechanisms used to enforce them by:
Strengthening the protections that prevent judgments against a service member when they cannot appear in court because of military service
Broadening the authority of the Attorney General to investigate allegations of SCRA violations
Clarifying the right of servicemembers to bring a private law suit to assert their SCRA rights
Minnesota's History of Offering Housing Help For Veterans
On April 3, 2008, Sen. Norm Coleman, R-Minn. said to MPR News, that a bipartisan housing bill before the US Senate includes a provision of his that would give veterans facing home foreclosure more time to work out payment plans. Minnesota law in 2008 granted returning vets three months to resolve problems. Under Coleman's provision they'd get three times as much time. One thing widely recognized is that timely counseling can significantly help prevent foreclosures. The public can follow bills, and revisions on the redemption period clarified for foreclosure of certain mortgages effecting Minnesota's veterans at house.leg.state.mn.us.
Aug 26, 2009 – In St. Paul, "Homes for Heroes" rolled out, which basically gives help to people who have given back. The Assistance comes in the form of up to $15,000 of a no interest loan to go towards down payment or closing costs when buying a house in St. Paul MN. Jim G. suggested on Minnesota Public Radio, March 3, 2012, that we give our returning veterans, especially those wounded in our unending wars, FREE HOUSES. "The big banks could donate their inventory of foreclosed homes. We could have a lottery in the Dome and all veterans would be invited."
VA Loan Appraisals - Anyone Can Buy VA Foreclosures
RealtyTrac says buyers that are qualified, even non-Veterans will also receive benefit of a VA loan. This allows you to purchase these beautiful homes with no money down. All other listed homes for sale are available to anyone to purchase, including Veterans who wish to use their VA status eligibility. The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans (Vendee financing). Jenna Thuening, owner of Home Destination, has industry connections and a CDPE Certification to help if you are interested in buying a VA-acquired property.
“Our men and women in uniform serve with tremendous dignity on the battlefield,” said Chairman Murray. “Our nation owes it to them to guarantee protection under the law when they return home. The Servicemembers Rights Enforcement Act will help force the hand of those who have failed to follow the law when it comes to providing our nation’s heroes with the basic safeguards they deserve.”
Fannie Mae helps soldiers facing foreclosure, including a special hot line for service members, 877-MIL-4566, that will provide guidance about their mortgage options and aggressively work on housing help for veterans in need. On March 12, 2012, more than 115,000 participate in nearly 800 community walk to Help Washington DC's Homeless Children, Families and Veterans
Veterans will also find more help from the U.S. Department of Veterans Affairs and the Military Homeowners Assistance Program. Veteran borrowers may be able to request relief pursuant to the Service members Civil Relief Act (SCRA). In order to qualify for certain protections available under the Act, his or her obligation must have originated prior to the current period of active military service. SCRA may provide a lower interest rate for up to one year, and provide forbearance, or prevent foreclosure or eviction up to nine months from period of military service. We hope to see Minnesota veterans find financial security through the Service members Civil Relief Act ("SCRA").
VA Loan Appraisals
Home appraisal inspections on FHA and VA loans are a more detailed than on conventional loans (and more expensive). The appraisers are required to perform certain minimum inspections as well as evaluate the market value of the property. Although these inspections are not as detailed as a professional home inspection and should not be considered a substitute, sometimes repairs are required.
These are additional costs the seller would not be obligated to pay for someone obtaining conventional financing, so your offer should include a maximum figure for these repairs. Otherwise the seller is signing the equivalent of a blank check, and they do not want to do that.
Helping Veteran Business Owners
The Minnesota Legislature also recently passed legislation that provides additional state and local government contracting advantages for veteran-owned businesses. If you are a veteran and own a business, or know of one owned by one or more military veterans, this is a great opportunity for you. To receive information about opportunities for state contracts or other promotions of veteran-owned businesses, you can sign up at The Office of The Minnesota Secretary of State.
Wounded Warrior Program
The Wounded Warrior Program was founded in 2003 and is making a substantial difference in the lives of wounded warriors. Its purpose is to raise awareness and enlist the public’s aid for the needs of injured service members, to help injured service members aid and assist each other, and to provide unique, direct programs and services to meet their needs. If you or someone you care about could benefit from the tremendous support and resources of this program, learn more at woundedwarriorproject.org.
If you are a Minneapolis area veteran and are seeking to buy a home, or needed to sell your home and relocate, let Home Destination work strong on your behalf to determine the best possible opportunities and current resources.
Another great housing resource for Minnesota veterans can be found at www.mortgageloan.com.
Download the document on MHA benefits for veterans.
Download the Minnesota Veterans Office October newsletter
Download the Veteran Borrowers in Delinquency Reference Sheet provided by the state of Virginia
Download the St Paul Homes For Heros Helping Veterans
Jenna Thuening, a Certified Distressed Property Expert is ready with housing help for veterans.
Eden Prairie MN 55344
Jenna's home page: homedestination.com
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