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Show HILLTOP TIME S TIMES New options are available for many military homeowners Hilltop July 12, 2012 BY SCOTT PRATER Schriever Sentinel S CHRIEVER AIR FORCE BASE, Colo. — The Federal Housing Finance Agency recently announced changes to its short-sale policies that should make it easier for military homeowners with Fannie Mae- or Freddie Mac-backed mortgage loans to honor their financial commitments when they are required to move as part of their duty. Under the new policy, Fannie Mae and Freddie Mac will not pursue deficiency judgments, cash contributions or promissory notes from members of the military with a change in duty station for any property purchased on or before June 30. Service members must have a Fannie Mae or Freddie Mac loan to be eligible. According to FHFA records, Fannie Mae and Freddie Mac together own or back more than half of the country's $12 trillion in mortgages. Christina Stump, an accredited financial counselor at Schriever Air Force Base's Airman and Family Readiness Center, said the FHFA announcement is good news because it creates additional options for homeowners who receive permanent change of station orders. However, she cautioned homeowners to investigate all options when it comes to selling or renting their property. "This is one of the biggest concerns for military families right now," Stump said. "The housing industry still hasn't recovered from the (2008) credit crisis and the resulting decline in real estate values. Chances are if someone purchased a home in the past seven years, their home's value is less than the price they paid. So when they PCS, it's difficult to discover and decide on the best course of action." The FHFA said its policy change resulted from analysis that showed PCS orders often require quick moves, which can create hardship for military homeowners who currently owe more on their mortgages than their home is worth and, therefore, cannot sell their home without taking a loss. Edward J. DeMarco, FHFA's acting director, explained that previously, many service members felt their only option was either to maintain financial obligations on two residences or default on their mortgage. "It is in everyone's interest for the men and women serving in our armed forces to focus on the important job they are doing defending our country, rather than worry about the maintenance and leasing of a property in another jurisdiction," said DeMarco. "These Fannie Mae and Freddie Mac policy changes, in combination with related guidance last fall, should now provide military horneowners with access to the immediate and automatic full range of foreclosure alternatives." 3 CELEBRATE RODEO SEASON WITH at BOOT BARN® America's Favorite Western and Work Wear Store Notice of new four-way stop, separate traffic change The Traffic Safety Coordination Group received approval and will be implementing the following traffic changes at the intersection of Colorado Drive and Gum Lane and on Aspen Road starting July 20. Please allow additional travel time as these changes will affect your driving pattern. • Stop signs installed on Gum Avenue at Colorado Drive will make that intersection a four-way stop. Please exercise caution and courtesy to vehicles and pedestrians. • Barricades placed on Aspen Road north of Building 1102 will be temporarily removed and Aspen Road north of Building 1102 will be open to through traffic on a trial basis. Security Forces will be monitoring the traffic and issuing citations as necessary starting July 20. For more information, please contact Anna Robinson, at 801-777-3673. Take care of your troops. Get 4 VIP tickets for West Chute seats and the Hospitality Cabin FREE with a $300 purchase. (While supplies last. See store for details.) • $20 OFF $5 OFF regularly priced boots over $100 shirts & jeans for the whole family PLUS 15% Active Millitary Discount Every Day! 2nd FRAME SAVE ON BOOTS AND APPAREL FROM THE BEST BRANDS FOR THE WHOLE FAMILY carhartt for your FAMILY, FRIEND, or YOU DAN ` POST f.,ce/iede BOOTS r.INC3 RESIST% Miss fie® 1071,11* NTACT LENSES ONLINE AT www.MILITARYCONTACTS.net *Second true frame must he of equal or lesser retail value as the first frame. You only pay for the lenses and extra features. Complete pair purchase required on both pairs. Second free frame must be purchased with the first pair and at the same date and time. Offer cannot be combined with any other discount, coupon or insurance plan. All eyeglass and contact lens purchases require a current, valid prescription. Offer expires 09/0112012. 02012 National Vision, Inc. NOW OPEN IN RIVERDALE * 5320 South Freeway Park Dr. 801-776-1903 EXCHANGE CONCESSIONAIRE Visit us in the Base Exchange Building 412 801-776-3368 Eye Exams Available by Dr. Michael Larsen Off 1-15 at 5600 South, near Guitar Center in Riverdale Store Hours: Monday-Friday 10am-8pm Saturday 10am-6pm Sunday 12pm-5pm Independent Doctor of Optometry • TRICARE accepted. • Appointments are available. • Walk-ins are welcome. Offers valid Now — 7/24/12 |