Hey, guys. I'm considering my options post HS graduation, and the military is really standing out for me right now. But it also had me thinking- what happens to stuff like finances if I'm deployed long term? Let's say I get a house, can I sign mortgage papers or deal with other financial aspects while deployed? Is there a way to manage this remotely or would I need someone stateside to handle it?
This is a very good question and it's great to see you're considering these factors while planning your future. Active-duty soldiers who are deployed have several options when it comes to handling their financial affairs. The most common approach is appointing a trusted family member or friend as a Power of Attorney (POA). This allows the person you've appointed to legally act on your behalf in important matters such as signing mortgage papers.
The POA can be as broad or as limited as necessary, and it can be set for a specific period of time. For instance, if you know you're going to be deployed for six months, you can set the POA to expire after that time. Additionally, the POA can be set up so that it only begins when you’re officially deployed. However, always ensure to consult with a legal advisor to fully understand the implications of giving POA and establish clear communication and trust with the person you're appointing.
Another considerable option could be using technology to handle your financial affairs. Many financial transactions, including signing mortgage papers, can now be done online. It is plausible to apply for a mortgage, submit your documentation, and even "e-sign" your closing documents, all via secure online portals. However, depending on where you are deployed and your access to secure internet, this may or may not be viable.
Furthermore, the Servicemembers Civil Relief Act (SCRA) grants certain protections to active-duty military members, including restrictions on mortgage interest rates and protections against foreclosure. It may be a complex subject to understand, so it's advisable to research this, or consult an expert who can guide you through.
In summary, managing finances while you're deployed is indeed possible whether it's through the power of attorney, using technology or both. It is also recommended to familiarize yourself with the Servicemembers Civil Relief Act for more protection and rights.
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