According to Holly Petraeus, unpaid mortgages and spouse unemployment are high on the list of financial concerns for military families and will remain so for 2011 and beyond. Petraeus visits with military families across the nation to ensure that she is creating current and relevant solutions.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Holly Petraeus Steps Up to Protect Military Families' Finances

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According to Holly Petraeus, unpaid mortgages and spouse unemployment are high on the list of financial concerns for military families and will remain so for 2011 and beyond.

In 2011, when Holly Petraeus, joined the Office of Servicemember Affairs (part of the Consumer Financial Protection Bureau) in 2011, she contributed not only her financial expertise, but her life long military experience.

Petraeus, who grew up in a military family and is now a military spouse, brings to her position in office a strong conviction that military families deserve the best financial solutions and protections.

KNOWING THE FINANCIAL NEEDS OF MILITARY FAMILIES

The Office of Servicemember Affairs protects military families from financial predators through education programs and by enforcing existing laws.

Adding a personal touch, Petraeus also visits with military families across the nation to hear their financial struggles, and thus ensures that she is creating current and relevant solutions.

TOP CONCERNS: MILITARY MORTGAGES AND FORECLOSURE

In the 2011 housing market, a military relocation order could lead to personal financial crisis; as families often owe more on their mortgage than their houses are worth, selling those houses prior to relocation presents a huge problem.

Some military families who can't sell their homes choose to have the military service member relocate alone. This brings other military family stress as well as additional financial challenges, with spouses being separated and finances not clearly managed.

Relocation is also challenging for military spouses pursuing a career, for example, when applying for an occupational license elsewhere. This is an issue Petraeus herself experienced first hand.

Foreclosure is another problem for military families, although protections against military foreclosure are law.

Some mortgage lenders aren't complying with the Servicemembers Civil Relief Act, which offers mortgage protections to military service members on active duty.

Additionally, the Office of Service-members Affairs also detected that some large banks foreclosed on military families without a court order.

FINANCIAL EDUCATION FOR MILITARY FAMILIES

Petraeus and the Office of Servicemember Affairs are working to address these concerns through federal and state law enforcement, as well as at the grassroots level, to provide more financial education directly to military service members and their families.

Petraeus is strongly in favor of financial education for military service members, as they represent a younger population who may not have experience in financial or consumer money management issues.

For military families, bad credit ratings from unpaid debt can be especially volatile. For example, a bankruptcy on a credit record can lead to a rejected security clearance.

For the future of military families, Holly Petraeus and the Office of Servicemember Affairs are strongly committed to protecting military service members financially, educating servicemembers about sound money management, and guiding them away from any economic hardships.



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