DoD

August 2, 2013

Mortgage relief available for service members

On Feb. 9, 2012, the Department of Justice Office of Public Affairs released a document which detailed a joint federal-state agreement to compensate service members whose homes were wrongfully foreclosed upon. The Servicemembers Civil Relief Act, or SCRA, and its predecessor, the Soldiers’ and Sailors’ Civil Relief Act, or SSCRA, have been protecting members of the military since the 1940s, in regards to everything from mortgage rates to protection from eviction.

The document states that various banks including JP Morgan, Wells Fargo, Citigroup and Ally Financial agreed to a full review by the Department of Justice’s Civil Rights Division, which would determine if service members were victims of foreclosure. If they were, service members could be given a minimum payment of $116,785 or higher if they were banking with Wells Fargo, Citigroup and Ally Financial. JP Morgan also noted they would be clearing members of any debt or cash equivalent to the full value of the home in addition to any compensation for any debt suffered.

Not only does the review include wrongfully foreclosed-upon homes, but this agreement is also looking into the aforementioned banks to see if they charged service members more than the six percent mortgage rate. JP Morgan has already compensated their service members, but those banking with Wells Fargo, Citigroup and Ally Financial should expect payment equal to a refund, plus interest.

With relief coming to service members put into these unfortunate circumstances, this agreement also offers additional protective measures.

Originally, the SRCA states that it “prohibits foreclosures on service members without court orders on mortgages that were originated before military service began,” however; this settlement protects everyone, regardless of when their mortgage was secured, if they were receiving Hostile Fire/Imminent Danger Pay and were stationed away from their home at the time of foreclosure. This agreement does not ignore those stateside or service members who weren’t necessarily foreclosed upon – banks are also required to look into those losses accrued to those forced to sell their homes due to a permanent change-of-station move.

In addition to these measures, the servicers listed in this agreement also approved additional SRCA training for their employees, to ensure complete compliance in order to keep this from happening again. Service members who received negative credit reports in relation to their foreclosure are also having these repaired, and the military members can also expect to not have to pay the remainder of the owed mortgage amount.

With this agreement gaining steam and providing monetary and emotional relief for those involved, a person could question where they could start the process of being reimbursed. Officials from the Assistant Attorney General’s office have said, “Federal officials will review military and mortgage records to search for discrepancies … and contact affected troops.”

Those with questions about the Servicemembers’ Civil Relief Act or other legal issues should contact the Fort Huachuca Legal Assistance Office, 533.2009.

 




All of this week's top headlines to your email every Friday.


 
 

 
Tanja Linton

Intelligence Senior Leader Conference maps out ‘way ahead’

Tanja Linton U.S. Army Intelligence Center of Excellence Commander Maj. Gen. Robert Ashley opened the Intelligence Senior Leaders Conference at the Intelligence System Integration Laboratory Dec. 10. Senior intelligence leaders...
 
 

HOLIDAY SAFETY MESSAGE

The end of the year is a great time to take a moment to reflect on our many accomplishments at Fort Huachuca and as an Army. I want to thank everyone for their hard work and dedication as we continue to build on our accomplishments and enhance America’s fighting force. Many of us will be...
 
 

What makes chaplain assistants unique

SAN ANTONIO — As the U.S. Army Installation Management Command chaplain assistant sergeant major, I am proud of all the chaplain assistants supporting our Soldiers, Families and Civilians. We are celebrating 105 years since the Army officially introduced this unique Military Occupational Specialty, or MOS. The Army officially created the position of chaplain assistant On...
 

 
Sgt. Jarred Woods, 1st Sustainment Command (Theater)

Looking for career progression? Join Civilian Expeditionary Workforce

Sgt. Jarred Woods, 1st Sustainment Command (Theater) Department of the Army Civilians inspect a base expeditionary targeting surveillance systems-combined tower before transferring it over to the Afghan National Army near Kabul...
 
 

Colonel Smith MS Panthers end perfect basketball season

It was an exciting, perfect season for the Smith Panthers, a boy’s basketball team at Colonel Smith Middle School. The 14-member team started the season winning 3-0 at the three season tournament. During the regular season the team kept winning, ending their games 9-0. They also won during the CAC Championship. “[That’s] 14-0 wins total,”...
 
 

Fort community donates items in big way

From left, Warren “Russ” Barnes, logistics officer, shows Deborah Bohn, budget analyst, and Sheri York, RAYTHEON site lead, how to ride one of 55 bikes the 2nd-13th Aviation Regiment collected for the Fort Huachuca toy drive this year. This week, chapel personnel distributed toys and clothing collected from many units and organizations on Fort Huachuca...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin