DES MOINES, Iowa — Revealing another consequence to the mortgage crisis, a Bloomberg News story highlighted findings of RealtyTrac Inc.,that found foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average.
The data compiled by RealtyTrac Inc. of Irvine, California, found that filings in 10 towns and cities within 10 miles of military facilities rose by an average 217% from January through April from the year before.
Bloomberg story featured an airman on his third tour in Iraq who went into default when his mortgage rate reset and his wife developed breast cancer. U.S. Air Force Technical Sergeant Jeffrey VerSteegh has filed for bankruptcy but will likely lose his home when he returns from service.
An attempt to allow bankruptcy judges to rework mortgage payments in bankruptcy was defeated in Congress recently. Both CUNA and NAFCU opposed the change.