The Real Deal Miami

For struggling military families, strategic default a more elusive option

December 06, 2010 09:21PM

While many homeowners have walked away from their mortgages with little subsequent impact, it is a different story for military families struggling to make their loan payments. For members of the military, strategic defaults not only affect their credit ratings but also, potentially, their future careers. The Homeowners Assistance Program helps wounded warriors,
surviving spouses and military homeowners when they can’t sell their
homes because they declined in value in the housing bust. To date, 730
military homeowners facing reassignment have applied for HAP and been
turned down, due to failure to meet the deadline of having bought the home before July 2006. [Army
Times via]