Diana, a Lebanon/Grenada-era veteran and single mother of three, bought her first home when she was able to secure a favorable variable interest rate. With the decline of the housing market and increased interest rates, Diana’s monthly payment doubled overnight. No longer able to afford her payment and suddenly in default, Diana discovered the mortgage company would not refinance the loan until she caught up on payments. Temporary Financial Assistance was able to bring her mortgage current, allowing the veteran to refinance her mortgage to an affordable monthly payment.
The American Legion’s Temporary Financial Assistance program helps military and veteran families with minor children at home. Through TFA, a local American Legion post can call upon the national organization for cash assistance to help meet the basic needs of veterans’ children. Funding for TFA comes through The American Legion Endowment Fund. In a record-setting 2008, nearly 1,500 children were helped by the fund, amounting
to more than $705,700 in disbursements from National Headquarters.