Military Community Grappling With Foreclosures

Posted on July 24, 2008
Filed Under Foreclosure Homes |

The military community in Southern Florida is grappling with foreclosures in its own way. It has brought together representatives from both public and private agencies to tackle the growing menace of foreclosures that is gnawing into its entrails.

Psychologis Abraham Maslow says that the basic needs of humans according to priority are air, water, food and then shelter. Next in line come security, stability, protection and a sense of freedom from tension and anarchy. Those lacking any of these will not be able to function rationally and properly to the best of his or her abilities. Looked at it from this broad perspective the foreclosure problem is not just a financial issue but also something that hits at the very basic requirements of human beings.

The army is concerned about the rising number of defaults that lead to foreclosures amongst its community. They want tools with which to combat and minimize this damage to the morale of the army. Florida has the second foreclosure rate in the nation. Rich Zimmelman the garrison financial counselor commented that it does not much researching to know that the people in general are suffering badly.

One of the big reasons for foreclosure is the adjustable rate mortgage that jumps and high jumps after a certain period of lax. It makes for a situation known as negative equity where even with the selling of the house, the loan cannot be cleared.

Renters too are badly affected by the fall out from foreclosures. When the landlord is foreclosed upon the rental contract becomes void.

The call of hour is educating the military group in Southern Florida about the crisis. Zimmelman has been working at it for the last few months in tandem with people who are doing it on a regular basis outside the military dividing line.

On July 1st this year, the Federal Reserve Board, the FHA, HUD, Veteran’s Administration Loan Guarantee Center together with many housing-counseling centres like Legal Services of Greater Miami, held a four-hour session. The venue of the meet was the Florida Department of Law Enforcement. There were 35 participants who came to be acquainted with the tools available for preventing as well as fighting foreclosures. John Acosta took this chance to mention about the Specially Adapted Housing Program that will benefit veterans who have been badly injured in combat to purchase and renovate existing houses according to their requirements.