76th Annual  Meeting
The U.S. Conference of Mayors
76th Annual Meeting
June 20-24, 2008
Miami

2008 ADOPTED RESOLUTIONS

PROTECTING MILITARY SERVICEMEN AND VETERANS AT-RISK OF LOSING THEIR HOME TO MORTGAGE FORECLOSURE

WHEREAS, cities across the country are continuing to struggle with a mortgage foreclosure crisis that is impacting millions of homeowners nationwide; and

WHEREAS, a large number of active servicemen are currently deployed and away from their homes and families for significant periods of time; and

WHEREAS, military and financial aid groups have identified arising number of troops who say they are falling behind on their mortgage payments and struggling to keep their homes, and the Army and VA regional loan centers have seen an increase in calls from soldiers, military families, and veterans seeking foreclosure prevention assistance; and

WHEREAS, one of the most effective ways to prevent the foreclosure of a home is to negotiate a refinancing or loan modification with the borrower's mortgage servicer; and

WHEREAS, veterans and active servicemen have limited foreclosure protections and an unfair disadvantage while they are away from home, requiring them to negotiate with their lender from the battlefield; and

WHEREAS, current law makes it difficult for servicemen and veterans to refinance costly mortgages into VA-guaranteed loans, and the maximum VA-backed home loan available for refinancing makes it nearly impossible to help those struggling to escape high-interest loans; and

WHEREAS, currently, lenders can seek a court order to foreclose on a home, even if a soldier is in combat,

NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors supports increasing the loan amount eligible for VA-guaranteed refinancing and supports increasing the amount of an original VA-guaranteed home loan, expanding options available to veterans and servicemen seeking to avoid foreclosure; and

BE IT FURTHER RESOLVED that the U.S. Conference of Mayors supports time-limited restrictions on lenders from foreclosing on active-duty servicemen, giving them more time to find a solution and prevent foreclosure of their home.