Connolly Bill Would Give Mortgage Help To More Military Families | WAMU 88.5 - American University Radio

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Connolly Bill Would Give Mortgage Help To More Military Families

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The Pentagon's Homeowners Assistance Program is designed to help military families upside-down on their home mortgages, but it doesn't cover homes purchased after July of 2006, even though the mortgage crisis was still in full swing.

Virginia Rep. Gerry Connolly is sponsoring a bill that would fix that.

"There are a lot of military families who find that through no fault of their own, their house is worth a lot less today than it was when they first purchased them," he says.

Lt. Col. Christopher Meredith recently transferred out of the area, but since foreclosure or a shortsale isn't allowed for servicemembers, he was forced to hang onto the Woodbridge home he bought in 2007 and rent it out.

But his tenants left in October and since then he's paid the $2,800 monthly bill by dipping into his family's retirement savings.

"We're gonna feel this again in 18 years, because you can't make up for time lost in investments for retirement," he says.

Meredith says he feels worst for service members serving overseas who have to worry about spouses making ends meet back home.

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