Protesters ask Fannie Mae to stop foreclosure of Atlanta veteran
In our last post, we discussed the wrongful evictions of more than 700 members of the military by big banks. Government regulators are requiring banks to take some remedial action to help repair the damage caused by those wrongful evictions, many of which were unlawful because active duty service members have a certain level of protection against foreclosures and evictions.
Here in Atlanta, the impending foreclosure of an Operation Desert Storm veteran has ignited controversy, as the man and his supporters claim that Fannie Mae has not fulfilled their obligation to help the veteran stay in his home.
Fannie Mae is facing harsh criticism for continuing the foreclosure process from protesters and a petition signed by thousands of supporters. Many point out that in Atlanta, one-third of the homeless population is comprised of veterans. A combination of factors leads to this reality, but advocates say that it is evidence that more must be done to support veterans when they return home.
In this case, Fannie Mae says that they made the man several offers for loan modifications, but that he was either unwilling or unable to accept them. Under new regulations from the Consumer Financial Protection Bureau, mortgage services are required to do more to make loan modifications accessible and to help keep people in their homes if possible. The man told reporters this week that he is not seeking a handout, but rather a fair chance to remain in his home in exchange for his service to his country.
Source: My Fox Atlanta, “Desert Storm vets’ eviction protested,” March 14, 2013.
Information about taking legal action to stop foreclosure can be found on our website.