Thursday, August 7, 2008

New Housing Law HR-3221 VA impact

The new housing recover act that was signed by President Bush is just jam packed with all kinds of great stuff. Well, maybe not all of it is so great but indeed some of it I was unaware of. I had no idea it made changes to some of the Veteran issues.

I'll be posting more about the other issues in the coming days but today is just about the Veterans Administration Changes. I think these are all good!

  • It increases VA home loan limit for high cost housing areas

  • It increases the time a Lender must wait before beginning foreclosure proceeding from three months to nine months after a service member returns from service AND gives returning soldiers one year relief from an increase in their mortgage interest rate.

  • The act expands eligibility and increases the amount for special adapted housing benefits for the disabled. This is about money paid by the VA to help Vets make structural changes to their home to accommodate their disability.

  • It also requires the Department of Defense to put together a counseling program for veterans and service members facing financial difficulties. It also establishes a moving benefit to service members who are forced to move out because their RENTAL housing was foreclosed on.

YEA!! I can really identify with the last bullet. This actually happened to my son. He was renting a lovely home in San Diego. He went to sea for 6 months. While he was at sea the house was foreclosed on and he was, ... up that well know creek. He lost his last month rent, security deposit and 50% of his household goods due to theft. When he got home, there was no home. He didn't even know where his stuff was.

This just happened in June of 2008. The stress he went through was unbelievable and he still has not recovered financially. I wonder if this benefit is retroactive and if so, to when?

He is back at sea again and I pray the home he is in now will be there when he gets back.



1 comment:

  1. This is great for our service members. Wonder why the media didn't cover these aspects of the housing act?