Soldier Buys Back Parents' Foreclosed Home (Video)

soldier buys back foreclosed homeFor too many soldiers returning from overseas, homecomings are being tarnished by foreclosure signs. From military families who have lost their homes due to loss of income, to those unlucky enough to accrue late fees with their homeowners association, servicemembers are finding scant relief from the effects of the recession.

But at least in the case of Jose Cordova Jr., an air traffic controller who served in the Army in Iraq and Afghanistan, there's still hope after foreclosure. By saving approximately $30,000 from his military wages, Cordova was able to buy back his parents' recently foreclosed Phoenix house, according to local news station ABC-15.

While Cordova was serving overseas, his father, Jose Cordova Sr. lost his job and soon fell behind on the mortgage. Realizing that his family was losing his childhood home, the soldier contacted a real estate agent while serving in Afghanistan, to put an offer on the house.

(Watch the video below to hear from Cordova himself.)

Under the Servicemembers Civil Relief Act, lenders are not permitted to foreclose on active duty military personnel in most circumstances. Yet while the law is designed to put servicemembers at ease while serving away from home, it doesn't always work as intended. In July, the Justice Department announced a $22 million settlement with Saxon Mortgage Services and a unit of Bank of America to offset damages done to more than 170 active-duty servicemembers who were wrongfully foreclosed on.

In another stunning case, which AOL Real Estate reported last year, Capt. Michael Clauer of Frisco, Texas, who was serving overseas at the time, had his home foreclosed on by his homeowners association for the sum of $800 in fees -- the outstanding debt that his wife failed to pay in his absence. As is permitted by Texas law, the HOA then sold the Clauers' home to a bidder for just $3,500. The Clauers had owned the $300,000 home free and clear. Only after a very vocal public backlash was the family able to eventually regain ownership of the home.

For Jose Cordova Jr., though, he's just happy to be back in his childhood home, he told ABC-15 while on a two-week leave from active duty. Had he not saved substantially during his service overseas, however, the fate of his family home would not be so clear.

Also see:
Foreclosure Victims Plan Protests Across U.S.

Viewpoint: What's Behind Banks' Big Foreclosure Push?
101-Year-Old Foreclosure Victim to Get Home Back

Woman Faces Foreclosure on Home She Bought for $1

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