OCR Text |
Show ISSUES 'HOME LOAN' WARNING Legion Officials Caution Oregon Vet-erans Vet-erans Against Assuming Too Heavy Financial Burdens. Unscrupulous dealers In real estate are said to have taken advantage of former service men in the state of Oregon, Ore-gon, which by law has provided for a "home loan" feature of compensation for veterans. Officials of the American Legion, to whom have been reported a number of instances in which the veteran has faced loss of his investment, invest-ment, have issued a communication to members of that organization, warning them against assuming too heavy a financial burden under the plan. The law, as passed by the state legislature, legis-lature, was Intended by its sponsors to finance the purchase of homes or farms for veterans, when they have sufficient income to carry the payments. pay-ments. According to the Legion leaders, certain cer-tain real estate men are showing a tendency to depreciate or discount the loan of the veteran, or to demand additional ad-ditional cash down. Some firms have claimed that the plan outlined by the law was not feasible to handle, and that the business was conducted at a loss. There have been 400 bonus lonns in Oregon to date, according to the records rec-ords of the state officials. Of this number, only seven veterans face foreclosure fore-closure on property, a refutation of the statement that realty dealers had found the plan unsuccessful. The principal difficulty has been, Legion Le-gion investigators say, to keep the veterans vet-erans from paying too much for homes or farms. Payments on property selling sell-ing at $5,000 or more are heavy, and veterans are urged to consider the fact that in case they have put a second mortgage on their place to a realty dealer, they must pay the state a certain cer-tain sum In addition to that due the real estate man. |