Unfortunately, those members of the military that are currently serving active duty cannot refinance their homes as they are seen as being unoccupied by the owner. The new bill being proposed to Congress – called the Fairness fot Military Homeowners Act – would allow military homeowners to refinance mortgages on a principal residence while serving at a duty station that prevents them from occupying the home.
A recurring problem faced by many in the military is that while they are serving active duty, sometimes due to multiple deployments, they are unable to negotiate new finance rates on their home, and therefore can end up losing the home as a result. Quite often the service members’ family is deployed to multiple duty stations with them and so there is no one occupying the principal home that can renegotiate the terms of the loan.
Members of both parties are currently fighting to get this bill passed as quickly as possible so that military service members can begin seeing relief in this area quickly.
For more information on the progression of this bill, check back with Encinitas Realtor Linda Moore.