Military families hit hard by housing crisis
'Youth and ignorance' have made service members a target of predatory lending.
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Like many civilians, they may have been victims of predatory lending or may have taken more of a financial risk during the bubble. But unlike civilians, they often cannot "ride it out" when forced to relocate for a new assignment.
There are two main reasons service members and their families are facing foreclosure notices, said Shad Meshad of the National Veterans Foundation in Los Angeles — "youth and ignorance," making them easy prey for predatory lenders.
- Camp Pendleton offers financial planning and assistance for Marines and sailors, including free legal advice.
- Veterans call centers around the country, run by nonprofits and the government, offer counseling and services.
- The Servicemembers' Civil Relief Act of 2003 aims to protect active-duty military from judicial and administrative proceedings that may affect them while in service. Some say it hasn't always been effective, but it may be a place to start.
Rebecca Roberts began her career as an online editor in 1996 with the launch of MSNBC and has worked as the managing editor of Netscape and senior editor of Yahoo! Real Estate. She's currently both a renter and a landlord.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.