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.


 
 

 
square

A local take on America’s PrepareAthon!

Over the month of April events have been taking place nationwide to help ensure America’s preparedness in the event of an emergency. America’s PrepareAthon is a grassroots movement that highlights the importance of prepared...
 
 
Stephanie Caffall

Second ‘Take Back Night’ hosted at Cochise College

Stephanie Caffall Rick Mueller, mayor, City of Sierra Vista, spoke at the Take Back the Night event and encouraged the community to put an end to sexual assault and harassment. Fort Huachuca and the Sierra Vista community joine...
 
 

BLUE BORDER MESSAGE / SEXUAL ASSAULT CASE COMPLETED

At a court martial on 25 March 2015, a Second Lieutenant, U.S. Army, was tried for committing sexual acts on multiple occasions by causing bodily harm. The 2LT pled not guilty, but was found guilty to the charge of sexual assault. On 27 March 2015, the 2LT was sentenced to a dismissal. The sexual assault...
 

 
Stephanie Caffall

Installation Retirement Ceremony honors retirees

Stephanie Caffall Fourteen Soldiers, one Department of Army Civilian and their guests await the formal recognition portion of the Installation Retirement Ceremony Friday on Brown Parade Field. Fort Huachuca honored 14 Soldiers ...
 
 
Natalie Lakosil

Holocaust Remembrance Day Observance reminds crowd of valuable lessons

Natalie Lakosil Lily Brull, Holocaust survivor, receives a poem, flowers and homemade Challah bread from Malachi, 4, and Kayalynn Fiddes, 8, after speaking about her experience as a Holocaust survivor. Lily Brull was only 10 ye...
 
 
U.S. Army photo

Military Intelligence – Moment in MI history

U.S., Britain agree to share communications intelligence U.S. Army photo Maj. Melvin C. Helfers evaluated ULTRA, or Special Intelligence, and presented it to Gen. George Patton. The BRUSA Agreement severely restricted access to...
 




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