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When you're serving your country, there's a good chance you'll move around a few times . . . which can conflict with the traditional American dream of homeownership. Soldiers who bought homes several years ago could be stuck selling now at depressed prices -- and on fairly short notice.
Needless to say, the financial pressure can be profound. A Staff Sergeant with a decade of service behind him, for example, is paid just under $37,000 a year. Even when you add in the health care and other benefits provided by the Department of Defense, it's still hard to handle a serious loss on a home.
The February stimulus plan included provisions to help military personnel in this situation, but little has happened. Soldiers complain that information is hard to find and guidelines aren't available. So far, none of the funds have been disbursed, and the federal government is keeping its collective mouth shut.
Under the program, military personnel are entitled to a reimbursement of up to 90% of losses from home sales. Until the rules are nailed down, the money won't flow. Some are turning to short sales (selling the home for less than the debt owned, with the bank forgiving the balance), but these transactions are becoming harder to complete.
If this plan ever gets off the ground, it will be open to military personnel who bought their homes before July 1, 2006 and received reassignment orders from February 1, 2006 through the end of the year. Until the program is executed, the troops have yet another sacrifice to make.
At least they'll still be able to light up a cigarette in combat . . . small consolation, though.
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