Some of the biggest financial challenges for veterans include poverty, homelessness, and unemployment, as veterans have a 10 percent jobless rate, which is significantly higher than the national average. But the most pressing challenge for many veterans is an alarmingly high rate of home foreclosure.
Home Foreclosure Strikes Too Many Illinois Veterans
Sources indicate that foreclosure rates among veterans across the United States skyrocketed after the financial crisis of 2008, and have remained uncomfortably high ever since. In the last year alone, more than 20,000 veterans reportedly lost their homes due to foreclosure.
Shockingly, though, up to 25 percent of these foreclosures may have been obtained by lenders acting fraudulently. Sources say scores of lenders used illegal tactics such as robo-signing (where someone without knowledge of your mortgage signs a document saying you owe money), falsified paperwork, and blatant overcharges.
And veterans are particularly vulnerable to mortgage fraud, because they are often out of the country when their family purchases a home, and they are also susceptible to falling behind on their mortgage payments, due to their higher rate of unemployment. This problem, however, has been identified by legislators at every government level.
Federal and Illinois Laws Provide Foreclosure Protection for Veterans
Fortunately, both Illinois and federal law provide robust protections for Illinois veterans facing home foreclosure. On the federal level, for example, President Obama and the Consumer Financial Protection Bureau added new protections in 2012 for military veterans facing home foreclosure. These regulations require lenders to take active measures to help veterans keep their homes.
In addition, Illinois laws require mortgage lenders to give veterans a chance to catch up on their mortgage payments before filing an action to take the home. In addition, mortgage lenders must give Illinois veterans ample notice before foreclosing on their homes.
Of course, to take full advantage of these laws, many veterans choose to hire an Illinois foreclosure attorney to help them navigate the thousands of pages of foreclosure laws. Contact a foreclosure attorney today to learn about your legal rights.