A nonprofit organization has partnered with some of the nation's biggest banks to help put military families in empty foreclosed homes. As many are aware, one of the byproducts of the lagging economy is that many homes that have fallen into foreclosure remain empty for a period of months or years as banks are slow to process and less people are purchasing these homes. At the same time, it is clear that many families in need would gladly take an opportunity to live in one of these homes as a way to get a fresh start.
At a recent event in Georgia, the organization surprised five families with homes in the Atlanta area.
This particular organization, Operation Homefront, helps veterans who left the service for medical reasons get placed in homes. Along with the opportunity to live in the home for two years without a mortgage obligation, the nonprofit also provides help from social workers and financial planners to help get back on their feet. After one or two years passes, the families have an opportunity to have the homes deeded to them.
As we have discussed in the past, hundreds of members of the military were victims of wrongful foreclosure by big banks. Those who were impacted by wrongful foreclosure had the opportunity to seek part of a settlement negotiated by government regulators, but it is hard to put a price on the difficulty of losing a home and along with it, a place to settle down. This program and others like it go a long way towards helping military families adjust to life after their service is over.
Source: Associated Press, "Military families getting once-foreclosed homes," June 1, 2013.