This war hero and father of seven almost lost his home after severe wounds ended his military career.
The myth: The foreclosure crisis was caused by people who made bad bets on second homes.
The reality: The McCormick family consisted of nine people trying to enjoy their piece of the American dream in one small house.
Credit: Andrew Spear for HouseLogic
A mother of three, she worked hard to raise three children while her husband served with the National Guard in Utah.
The myth: Most people get into trouble with foreclosure when they overextend themselves.
The reality: The Bertas were fine until a financial error not of their making nearly lost them their home.
Credit: Douglas C. Pizac for HouseLogic
The double hit of a layoff and their child’s illness nearly cost the Malich family their home.
The myth: The only people in real trouble are those with unpredictable ARMs.
The reality: The Malichs had a fixed-rate 6% mortgage.
Credit: Matthew Gilson for HouseLogic
Unemployment, the need to relocate for work, and a house that was worth less than they paid for it put the Gibson family into a quandary.
The myth: Most foreclosures are due to owners who pulled equity out of their homes for luxuries.
The reality: Rapidly falling property values left the Gibsons with no choice but a short sale.
Credit: David Stephenson for HouseLogic
While Sgt. Harris (top left) was in Afghanistan, his wife, Pamela, was fighting on the home front. Accounting snafus and family problems almost took away their house.
The myth: People got into trouble by using houses as piggybanks.
The reality: The Harrises lived within their means but were hit by unforseen financial and medical problems.
Credit: Aaron Borton for HouseLogic
A lawyer, Johnson saw her practice hit so hard by economics she had to close it—at the same time her husband was leaving her.
The myth: Subprime borrowers buying McMansions caused the foreclosure crisis.
The reality: Johnson was a responsible professional with a small house; a perfect storm of problems led to foreclosure.
Credit: Cliff Jette for HouseLogic
A nurse, Balisado used her house to help fund her son’s education and husband’s business.
The myth: Rampant greed led people to take out loans they couldn’t afford.
The reality: Balisado was in good financial standing and wanted to help her family, until a divorce and her husband’s expenses took her off the rails.
Credit: Roberto Gonzalez for HouseLogic
Left in limbo after an injury, this longtime army veteran wasn’t collecting military pay and wasn’t eligible for incapacitation pay. The loss of income almost forced his house into foreclosure.
The myth: Foreclosures occur mostly with second homes.
The reality: Walker had one house—much of which he had improved himself.
It’s a sad irony that so many who help keep us safe in our homes are in danger of losing theirs. Join Operation Home Relief to help us keep veterans and active-duty military personnel in their homes.
Credit: Steve Cukrov/Veer