Foreclosure affect my military career?
Question:
I've had a stellar military record so far, and had excellent credit up to this point. I just bought a house that was a little out of my price range. Thanks
Answer:
Everyone is right, it will effect your career now and will prevent you from getting many jobs after the military. You need to do the following: (along with seeking help/advice from military sources)
1. Contact your lender and explain the situation and find out if they are willing to help. Ask them if they would consider a modification or forbearance agreement. Make them send you a package to fill out; don't let them verbally say no.
2. List the house for sale immediately for the payoff amount.
3. Ask the lender if they will consider a "short sale" or "deed in lieu of foreclosure" as a last resort.
Good luck and let me know if you need help
Yes it can. How you handle your finances is indicative of how you handle your job. Whether you can be trustworthy.they look at it this way---a person in debt can be bribed or bought off with the promise of someone fixing their money problems.
Definitely!! You can get a less than honorable discharge for financial mismanagement. Please discuss this with your 1st Sgt!! He will be able to help you out, get you to the best people to talk to and generally point you in the right direction.
We had a guy get booted last fall for just that. Now, he also had a few other strikes, but that was the actual reason for his discharge.
Take them up on any offers of counseling, classes, etc. The more you are willing to show that you are trying to never let this happen again, the less likely it will affect you.
You should loss your security clearance once they find out about it. Either you tell them yourself, or your chain of command will find out or you will be lucky enough to hang out until the next time you clearance is reviewed and continued. In any situation they will look at the situation as a threat to your ability to stay honest. People with BK, tons of debt, foreclosures, the works have been found by the military to be more easily swayed into dishonest behavior like taken bride money or selling critical information to get into a better financial situation. Not say this is you at all, I am just telling you what could happen and why. Your best bet is to talk openly with someone senior in your chain of command about the situation and let them know this isn't because of anything other than it cost too much.
absolutely you can lose your clearance over this. ANYTHING regarding money matters is a red flag and opens you up to be compromised.
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