Military Families Among Those Hit With Home Foreclosures

About a third of the home foreclosure auctions in the Fayetteville area, home of Fort Bragg, involve active-duty military families or veterans.

An investigation by The Fayetteville Observer covering 2001 to 2005 shows nearly 18-hundred of five thousand foreclosure auctions in Cumberland County involved loans guaranteed by the U-S Veterans Affairs Department. Borrowers were active-duty military families or
retired veterans.

Officials with Fort Bragg's Financial Readiness Program say it has helped some soldiers, most of whom are only a few months behind on payments.

But officials say --not-- many soldiers in dire trouble seek help from the program, perhaps because they feel self-conscious about their financial situations. The problems can cost soldiers their security clearance.


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