Military lodging becomes difficult with mortgage issues

Amanda Gross

The mortgage crisis that accompanied the recent economic issues has been especially difficult on military lodging, causing many military families to owe more on their mortgages than their house is now worth, The News Tribune reports.

These "underwater" mortgages, as they have been called, are especially difficult for military families who have to move every two to four years. It has caused servicememembers to leave families behind when they move on to new assignments in order to avoid financial problems that could harm their credit, the news source reports.

Military bases have been some of the hardest-hit communities by the collapse of the housing market, according to Holly Petraeus, head of the Office of Servicemember Affairs in the new Consumer Financial Protection Bureau.

That is why Petraeus, an Army, daughter, wife and mother herself, is working to make sure military personnel and their families have a voice at the Consumer Financial Protection Bureau, she wrote in a statement recently.

She announced that the Bureau plans on working with the Pentagon to give military families solid financial education in order to prevent scams or bad deals on financial decisions such as mortgages.

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