SCRA - FORECLOSURE FRAUD

Tag Archive | "SCRA"

AGs to consider investor protections in foreclosure settlement

AGs to consider investor protections in foreclosure settlement


LOL…according to Tom Miller.

Good Luck!

HW-

If the top five mortgage servicers begin to abuse bond investors under the foreclosure settlement write-downs, the attorneys general would consider some protections, according to Iowa AG Tom Miller.

Miller faced down banking executives and analysts during a panel at the REthink Symposium Thursday. The $25 billion settlement signed in March forces servicers to meet roughly $10 billion in principal reductions, which could swell higher because in some instances the full dollar written down will not be credited.

Servicers will get full credit for reducing principal on loans they hold on their own portfolio but receive 45 cents for every dollar written down on mortgages held in private securities.

“To try principal reduction in a targeted way and find out if it works is good for the housing market,” Miller said. “We know what (the banks’) plans are. Two have said they wouldn’t do write-downs on private securities. But we could have some discussions about something to reassure investors.”

[HOUSING WIRE]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Where are the Indictments?

Where are the Indictments?


Abigail C. Field-

Let’s be clear why there’s a mortgage deal: the banks broke the law. Several laws in fact, in ways that appear criminal as well as civil. Limiting their liability is the only reason the banks did a deal.

In this post I’m going to look at what the banks could be held liable for; how much liability “their” money persuaded law enforcers to ignore will be the next post. But one important kind of peace has not been bought: criminal. So as I detail the wrong doing exposed by the deal, I highlight the crimes our law enforcers seem to allege the bankers committed. After all, a liability release isn’t simply what it says, it’s what law enforcers do with their remaining freedom to act. If crimes were committed, and indictments don’t follow, the release is much broader than its text.

A close read of the complaint and the related language that precedes the releases (see Exhibits F and G) reveals:

continue reading [REALITY CHECK]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

New York probes military foreclosures – FT

New York probes military foreclosures – FT


Another great job by Shahien Nasiripour

FT-

Eric Schneiderman, New York attorney-general, has launched an investigation into possibly unlawful foreclosures on the mortgages of active-duty members of the US military.

Data released last week by a federal banking regulator suggested that 10 leading lenders may have seized the homes of about 5,000 service members in violation of the Servicemembers Civil Relief Act. The nearly-decade old law restricts foreclosures on the homes of members of the US armed forces while they are on active duty.

[FINANCIAL TIMES]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Banks May Have Illegally Foreclosed On Nearly 5,000 Military Members

Banks May Have Illegally Foreclosed On Nearly 5,000 Military Members


HuffPO-

Even those people putting their lives on the line for their country may not be safe from the American foreclosure crisis.

Ten lenders are reviewing close to 5,000 foreclosures of homes belonging to active-duty service members in an attempt to discover if they were carried out improperly, according to data from the Office of the Comptroller of the Currency, cited by the Financial Times. The OCC’s report is based on projections prepared by the lenders and and their consultants. Bank of America said it is reviewing 2,400 foreclosures of homes belonging to active-duty service members and Wells Fargo said it’s looking at nearly 900 cases. Citigroup is reviewing 700 foreclosures, the bank said.

[HUFFINGTON POST]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Senator Tester wants Justice Department to investigate big banks for fraud, illegal fees on veterans’ mortgages

Senator Tester wants Justice Department to investigate big banks for fraud, illegal fees on veterans’ mortgages


“If true, this type of behavior is illegal and it’s un-American. There is no question about that.”

-Sen. Tester

(U.S. SENATE) – Senator Jon Tester is pushing the U.S. Justice Department to investigate the nation’s biggest banks for allegedly adding illegal fees to the home loans of veterans and their families.

A recently unsealed whistleblower lawsuit alleges that Bank of America, Wells Fargo, and J.P. Morgan Chase disguised fees that are specifically forbidden under VA rules on veterans’ home refinancing loans. 

Because these loans are guaranteed by the federal government, they are low-risk, leading to additional profits for the banks. But the Justice Department has so far declined to pursue the case.

In a letter to Attorney General Eric Holder, Tester called for the Justice Department to take up the case, saying defrauding veterans would be “illegal and Un-American.”

“I request that you investigate the full extent of these illegal activities, and provide my office with detailed information about the subsequent damages as well as the actions the Justice Department will undertake to prevent them from happening in the future,” Tester wrote Holder. “Despite what some of our nation’s largest banks may believe, the men and women who have honorably served our country deserve better than this. They have earned as much.”

Under VA rules, lenders may not charge veterans for attorneys’ fees or settlement closing fees when handling home loans. The lawsuit alleges that lenders instructed mortgage brokers to disguise these fees by combining them with other, permitted charges.

“Taking advantage of veterans who put their lives on the line—that’s something no Montanan and no American should stand for,” Tester said. “The Justice Department needs to protect not only the men and women who defend this country, but also the American taxpayers who guaranteed these loans. The actions of these banks deserve a close and thorough look from this Administration.” 

According to the lawsuit, more than 1.2 million VA home loans have been issued to veterans over the past 10 years, and as much as 90 percent may involve some degree of fraud. 

Tester is Montana’s only member of the Senate Veterans’ Affairs Committee. Earlier this year, he introduced a bill that increases the penalties for banks that violate the Servicemembers Civil Relief Act, which protects active duty troops from certain financial and legal hardships.

Tester’s letter to Attorney General Holder appears below.

###

October 11, 2011

The Honorable Eric Holder
Attorney General
Department of Justice
950 Pennsylvania Ave, NW, Suite 5111
Washington, DC 20530

Dear Attorney General Holder:

I write regarding the lawsuit recently unsealed in federal court which reveals that as many as 13 banks and mortgage firms imposed excessive, hidden and illegal fees on a number of our nation’s veterans and their families. Because these home loans were backed by the federal government, they were low-risk and led to additional profits for the banks. I am bothered by the fact that the Justice Department reportedly will not be taking on the case at this time. I request that you provide justification for this decision, and urge you to reconsider. I also request that you investigate the full extent of these illegal activities, and provide my office with detailed information about the subsequent damages as well as the actions the Justice Department will undertake to prevent them from happening in the future.

According to the lawsuit, these veterans were fraudulently charged millions in illegal fees through a Department of Veterans Affairs (VA) loan program through which they sought to lower their interest rates or shorten the terms of their mortgages. More than 1.2 million of these loans have been issued over the past 10 years, and as much as 90 percent may involve some degree of fraud.

In defrauding these veterans and their families with excess fees, the banks allegedly also benefitted by receiving hundreds of millions of dollars in loan guarantees from the VA. That resulted in better prices from the loans that banks and mortgage brokers sold to investors. And as more of these loans went into default or foreclosure, it was ultimately American taxpayers who were on the line.

If true, this type of behavior is illegal and it’s un-American. There is no question about that. Despite what some of our nation’s largest banks may believe, the men and women who have honorably served our country deserve better than this. They have earned as much. Nevertheless, this lawsuit comes on the heels of multiple settlements that have been reached in legal actions against banks that have illegally seized homes, overcharged and defrauded members of the U.S. military. This is an alarming trend that cannot stand. And it must not continue.

The men and women who are serving or have served in uniform should never have to struggle to receive the protections due to them and their families under law. At the same time, we owe it to hard-working taxpayers in Montana and across the country to recover any federal funds that have been lost through the illegal actions of unscrupulous actors. 

As the Department of Justice begins taking more aggressive steps to address this matter, I urge you to work with Congress in a close and productive manner.

I look forward to your response.

Sincerely,
(s)
Jon Tester

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

FIGHTING ON THE HOME FRONT: THE GROWING PROBLEM OF ILLEGAL FORECLOSURES AGAINST U.S. SERVICEMEMBERS

FIGHTING ON THE HOME FRONT: THE GROWING PROBLEM OF ILLEGAL FORECLOSURES AGAINST U.S. SERVICEMEMBERS


FIGHTING ON THE HOME FRONT: THE GROWING PROBLEM OF ILLEGAL FORECLOSURES AGAINST U.S. SERVICEMEMBERS

Democratic Staff Report Prepared for:

Senator John D. (Jay) Rockefeller IV
Chairman Committee on Commerce, Science, and Transportation

United States Senate Representative Elijah E. Cummings
Ranking Member Committee on Oversight and Government Reform United States House of Representatives

July 12, 2011

[ipaper docId=60066591 access_key=key-2k30zn87wpfb9gdulc80 height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Tennessee BK Trustee Says In 60 Cases This Year, Lenders Couldn’t Produce Original Note

Tennessee BK Trustee Says In 60 Cases This Year, Lenders Couldn’t Produce Original Note


SHOW ME THE NOTE!!

Bizjournals Nashville-

Federal legislation introduced last week is giving credence to a battle being fought in Middle Tennessee by bankruptcy trustee Henry “Hank” Hildebrand.

The Bill can be found in the link below…

VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Justice Department Settles with Bank of America and Saxon Mortgage for Illegally Foreclosing on Servicemembers

Justice Department Settles with Bank of America and Saxon Mortgage for Illegally Foreclosing on Servicemembers


Department of Justice
Office of Public Affairs

FOR IMMEDIATE RELEASE

Thursday, May 26, 2011

Justice Department Settles with Bank of America and Saxon Mortgage for Illegally Foreclosing on Servicemembers

Settlement Includes a Minimum of $22 Million in Relief for Victims

WASHINGTON – The Justice Department today announced settlements with two lenders under the Servicemembers Civil Relief Act (SCRA) to resolve allegations that the lenders wrongfully foreclosed upon active duty servicemembers without first obtaining court orders, in violation of the SCRA. Combined, the settlements provide more than $22 million in monetary relief for the victims.

Under the first settlement , BAC Home Loans Servicing LP, formerly known as Countrywide Home Loans Servicing LP, a subsidiary of Bank of America Corporation, will pay $20 million to resolve a lawsuit alleging that Countrywide foreclosed on approximately 160 servicemembers between January 2006 and May 2009 without court orders.   In addition to the $20 million, Countrywide agreed to pay any servicemember wrongfully foreclosed in the period from June 2009 through 2010.  The complaint alleges that Countrywide did not consistently check the military status of borrowers on whom it foreclosed through at least May 31, 2009. The complaint was filed in the Central District of California, where Countrywide is headquartered.

Under the second settlement, Saxon Mortgage Services Inc., a subsidiary of Morgan Stanley, will pay $2.35 million to resolve a lawsuit alleging that Saxon foreclosed on approximately 17 servicemembers between January 2006 and June 2009 without court orders. In addition to the $2.35 million, Saxon agreed to pay any servicemember wrongfully foreclosed in the period from July 2009 through 2010.   The complaint alleges that Saxon failed to consistently or accurately check the military status of borrowers on whom it foreclosed through at least June 30, 2009.   The complaint was filed in the Northern District of Texas, where Saxon is headquartered.

“The men and women who serve our nation in the armed forces deserve, at the very least, to know that they will not have their homes taken from them wrongfully while they are bravely putting their lives on the line on behalf of their country,” said Thomas E. Perez, Assistant Attorney General for the Civil Rights Division of the Department of Justice. “The Civil Rights Division is committed to aggressively enforcing those laws that protect the rights of servicemembers. All lenders have an obligation to do their part to work with servicemembers while these brave men and women focus on keeping us safe.   The Justice Department also thanks the Department of Defense for its critical assistance in identifying servicemembers whose rights were violated”

“Countrywide Home Loans failed to protect and respect the rights of our servicemembers, failed to comply with clearly mandated procedures and foreclosed against homeowners who are valiantly serving our nation,” said André Birotte Jr, U.S. Attorney for the Central District of California.   “Military families lost their homes when Countrywide violated the law, causing undue stress to wartime personnel who have been protected from such actions since the Civil War.”

“With the numerous sacrifices our servicemembers make while they are serving our country, the last thing they need to worry about is whether or not their families will be forced from their homes,” said James T. Jacks, U.S. Attorney for the Northern District of Texas. “These lenders’ callous disregard for the SCRA, a law which was designed to insulate these patriots from unlawful foreclosures and other civil and financial obligations while they are on active duty, is deplorable and I applaud the Department’s Civil Rights Division’s efforts in identifying and seeking remedies for these wronged service members.”

Of the approximately 160 servicemembers upon whom Countrywide foreclosed without obtaining court orders, Countrywide allegedly foreclosed in many instances where it knew, or should have known, about their military status.   The victims include individuals who have served honorably in Iraq and Afghanistan.   The Department of Justice initiated its SCRA investigation of Countrywide in response to a referral by the U.S. Marine Corps regarding an active duty servicemember who was facing foreclosure by Countrywide.

Under the consent decree, Countrywide will establish a settlement fund of $20 million to compensate the servicemembers upon whom Countrywide foreclosed between January 1, 2006, and May 31, 2009.   In addition to this settlement fund, Countrywide has agreed to compensate any additional SCRA-eligible individuals on whom Countrywide foreclosed without court orders between June 1, 2009, and Dec. 31, 2010.   The consent decree also requires numerous corrective measures, including SCRA training for Countrywide employees and agents, developing modified SCRA policies and procedures and referring future SCRA complaints to the Justice Department.   Countrywide will also repair any negative credit report entries related to the allegedly wrongful foreclosures and will not pursue any remaining amounts owed under the mortgages. Countrywide now will check the Defense Manpower Data Center’s website and its own files prior to conducting any foreclosure, and will not foreclose in violation of the SCRA if the borrower is in military service or is otherwise protected by the SCRA.

Of the approximately 18 servicemembers upon whom Saxon foreclosed without obtaining court orders, Saxon allegedly foreclosed on at least 10 servicemembers when Saxon knew or should have known about their military status.   The servicemembers Saxon foreclosed on include men and women who have served honorably in Iraq, some of whom were severely injured in the line of duty or suffer from post-traumatic stress disorder.   The Department of Justice initiated its SCRA investigation in response to an inquiry from Sergeant James Hurley, who resolved his claims against Saxon earlier this year in a confidential settlement.

Under the consent decree, Saxon will establish a settlement fund of $2.35 million to compensate the servicemembers upon whom Saxon allegedly wrongfully foreclosed between 2006 and 2009.   In addition to this settlement fund, Saxon also has agreed to compensate any additional SCRA-eligible servicemembers on whom Saxon foreclosed without court orders between July 1, 2009, and Dec. 31, 2010.   The consent decree also requires numerous corrective measures, including SCRA training for Saxon employees and agents, developing modified SCRA policies and procedures, and referring future SCRA complaints to the Justice Department.   Saxon will also repair any negative credit report entries related to the wrongful foreclosures and will not pursue any remaining amounts owing under the mortgages. Saxon now will check the Defense Manpower Data Center’s website and its own files prior to conducting any foreclosure, and will not foreclose in violation of the SCRA if the borrower is in military service or is otherwise protected by the SCRA.

The division’s SCRA investigations have resulted in litigation or settlements enforcing SCRA’s provisions for termination of residential lease agreements, protection against enforcement of storage liens on towed vehicles without court orders, reduction of interest rates to six percent on credit obligations, and a prohibition against paying pre-payment penalties on mortgage loans when a servicemember must move for military service.

President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.   The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources.   The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.   For more information on the task force, visit www.stopfraud.gov .

Servicemembers and their dependents who believe that their SCRA rights have been violated should contact the nearest Armed Forces Legal Assistance Program office.   Please consult the military legal assistance office locator at http://legalassistance.law.af.mil and click on the Legal Services Locator.   Additional information about the Justice Department’s enforcement of the SCRA and the other laws protecting servicemembers is available at www.servicemembers.gov.   Servicemembers who believe they may have been victims, can contact the banks directly at 1-800-896-7743, mailbox 6 for Countrywide or 1-800-896-7743, mailbox 995 for Saxon.

11-683 Civil Rights Division

[Source: http://www.justice.gov/opa/pr/2011/May/11-crt-683.html]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts

VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts


‘‘Fighting Fraud in Bankruptcy Act of 2011’’


Senator Patrick Leahy (D-Vt.) introduced legislation Tuesday to strengthen the tools available to U.S. bankruptcy trustees to protect American homeowners from creditor fraud in bankruptcy court.  Leahy introduced the Fighting Fraud in Bankruptcy Act, with cosponsors Sheldon Whitehouse (D-R.I.) and Richard Blumenthal (D-Conn.).

“The Fighting Fraud in Bankruptcy Act is another step forward in the Judiciary Committee’s important efforts to protect American citizens from fraud,” said Leahy.  “As Congress looks at ways to mitigate the foreclosure crisis to reduce its impact on homeowners and the economy, I hope all Senators can agree that the foreclosure process for Americans should be a fair one and one in which there is accountability for fraud or other misconduct.  And I hope we can all agree that the integrity of our judicial system is something worth protecting.”

“It’s inexcusable when big banks hit homeowners with bogus mortgage fees and improper foreclosures,” said Whitehouse.  “This bill will help ensure that Rhode Islanders who fall on hard times have access to a fair bankruptcy process and a chance at a fresh start.”

“Homeowners facing foreclosure, including military personnel serving our country far from their homes, are entitled to full legal protection from fraud and misconduct,” said Blumenthal. “This commonsense proposal simply strengthens existing authority for holding creditors accountable for abuses. It will deter needless litigation that is currently wasting resources, clogging the bankruptcy courts, and slowing our economic recovery.”

The Fighting Fraud in Bankruptcy Act includes four key provisions.  The legislation will:

  • Clarify that U.S. trustee has a duty to take action to remedy creditor abuse of the bankruptcy process;
  • Permit the bankruptcy court, either on its own or in response to a motion from the trustee, to correct or sanction misconduct and fraud committed by creditors in the bankruptcy process;
  • Empower the trustee to establish audit procedures to ensure that creditors are complying with the law;
  • Require a mortgage lender to certify under penalty of perjury that a foreclosure proceeding against active duty members of the military who are deployed is in compliance with the Servicemembers Civil Relief Act (SCRA).  The SCRA protects active duty military personnel by requiring a stable, manageable interest rate for military homeowners on active duty, and staying foreclosure actions during their deployment.

The Judiciary Committee has held several hearings in recent years regarding the foreclosure crisis.  Earlier this year, the Committee considered and reported to the full Senate the Limiting Investor and Homeowner Loss in Foreclosure Act  to authorize bankruptcy courts to establish loss mitigation programs to avoid foreclosures.

# # # # #

[ipaper docId=56297743 access_key=key-1mrtb1tuwv3w9wmq1wwf height=600 width=600 /]

[Source: http://leahy.senate.gov]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Servicemembers, Soldiers and Sailors Q & A for Homeowners

Servicemembers, Soldiers and Sailors Q & A for Homeowners


Questions & Answers for Reservists, Guardsmen and Other Military Personnel

The following information is provided regarding mortgage payment relief and protection from foreclosure provided under the Servicemembers Civil Relief Act (SCRA, formerly known as The Soldiers’ and Sailors’ Civil Relief Act of 1940).

Who Is Eligible?

The provisions of the Act apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty. This includes members of the Army, Navy, Marine Corps, Air Force, Coast Guard; commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration who are engaged in active service; reservists ordered to report for military service; persons ordered to report for induction under the Military Selective Service Act; and guardsmen called to active service for more than 30 consecutive days. In limited situations, dependents of servicemembers are also entitled to protections.

Servicemembers Civil Relief Act Notice (Mortgagee Letter 2006-28)

Pursuant to the statutory amendment, HUD has developed, in consultation with the Departments of Defense and Treasury, the form for the required notice of servicemember rights (Attachment 1, SCRA Notice Disclosure). All mortgage loans, including conventional mortgages and mortgages insured by HUD are subject to the notification requirement that became effective June 5, 2006. The notice must:

 - Be sent to all homeowners who are in default on a residential mortgage;
 - Include the toll-free military one-source number to call if servicemembers or their dependents require further assistance (1-800-342-9647); and
 - Be made within 45 days from the date a missed payment was due, unless the homeowner pays the overdue amount before the expiration of the 45-day period.

Am I Entitled To Debt Payment Relief?

The Act limits the interest that may be charged on mortgages incurred by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service. Mortgage lenders must, at your request, reduce the interest rate to no more than six percent per year during the period of active military service and recalculate your payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.

Is The Interest Rate Limitation Automatic?

No. To request this temporary interest rate reduction, you must submit a written request to your mortgage lender and include a copy of your military orders. The request may be submitted as soon as the orders are issued but must be provided to a mortgage lender no later than 180 days after the date of your release from active duty military service.

Am I Eligible Even if I Can Afford To Pay My Mortgage At A Higher Interest Rate?

If a mortgage lender believes that military service has not affected your ability to repay your mortgage, they have the right to ask a court to grant relief from the interest rate reduction. This is not very common.

What If I Can’t Afford to Pay My Mortgage Even At the Lower Rate?

Your mortgage lender may allow you to stop paying the principal amount due on your loan during the period of active duty service. Lenders are not required to do this but they generally try to work with service members to keep them in their homes. You will still owe this amount but will not have to repay it until after your complete your active duty service.

Additionally, most lenders have other programs to assist borrowers who cannot make their mortgage payments. If you or your spouse find yourself in this position at any time before or after active duty service, contact your lender immediately and ask about loss mitigation options. Borrowers with FHA insured loans who are having difficulty making mortgage payments may also be eligible for forbearance and/or HUD’s other Loss Mitigation Programs. More information about help for homeowners who are unable to make payments on a mortgage is available on the HUD website.

Am I Protected against Foreclosure?

Mortgage lenders may not foreclose, or seize property for a failure to pay a mortgage debt, while a service member is on active duty for nine (9) months grace period prior to December 31, 2010 unless they have the approval of a court. After December 31, 2010, the grace period for Service member protection will revert back to 3 months. In a court proceeding, the lender would be required to show that the service member’s ability to repay the debt was not affected by his or her military service.

What Information Do I Need To Provide To My Lender?

When you or your representative contact your mortgage lender, you should provide the following information:

 - Notice that you have been called to active duty;
 - A copy of the orders from the military service notifying you of your activation;
 - Your FHA case number; and
 - Evidence that the debt precedes your activation date.

HUD has reminded FHA lenders of their obligation to follow the Act. If notified that a borrower is on active military duty, the lender must advise the borrower or representative of the adjusted amount due, provide adjusted coupons or billings, and ensure that the adjusted payments are not returned as insufficient payments.

Will My Payments Change Later? Will I Need To Pay Back The Interest Rate “Subsidy” At A Later Date?

The change in interest rate is not a subsidy. Interest in excess of 6 percent per year that would otherwise have been charged is forgiven. However, the reduction in the interest rate and monthly payment amount only applies during the period of active duty. Once the period of active military service ends, the interest rate will revert back to the original interest rate, and the payment will be recalculated accordingly.

How Long Does The Benefit Last? Does The Period Begin And End With My Tour Of Duty?

Interest rate reductions are only for the period of active military service. Other benefits, such as postponement of monthly principal payments on the loan and restrictions on foreclosure may begin immediately upon assignment to active military service and end on the third month following the term of active duty assignment.

How Can I Learn More About Relief Available To Active Duty Military Personnel?

Read more information about the Servicemembers Civil Relief Act, sponsored by the Legal Assistance Policy Division, Office of The Judge Advocate General, U.S. Army.

Servicemembers who have questions about the SCRA or the protections that they may be entitled to may contact their unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact or visit local military legal assistance offices where they reside. A military legal assistance office locator for each branch of the armed forces is available at http://legalassistance.law.af.mil/content/locator.php

Source: HUD.GOV

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

US House Committee on Veterans’ Affairs Hearing Today: Alleged Violations of the Servicemembers Civil Relief Act (SCRA)

US House Committee on Veterans’ Affairs Hearing Today: Alleged Violations of the Servicemembers Civil Relief Act (SCRA)


VIOLATIONS OF MILITARY MORTGAGE/FORECLOSURE PROTECTIONS

Alleged Violations of the Servicemembers Civil Relief Act (SCRA)

February 9, 2011

Alleged Violations of the Servicemembers Civil Relief Act (SCRA)

Opening Statements

Witness Testimonies

PANEL 1

PANEL 2

  • Stephanie B. Mudick, Executive Vice President, Office of Consumer Practices, JPMorgan Chase & Co., New York, NY

PANEL 3

  • Colonel Shawn Shumake (USA), Director, Office of Legal Policy, Office of the Deputy Under Secretary of Defense, U.S. Department of Defense
  • Hollister K. Petraeus, Team Lead, Office of Servicemember Affairs, Consumer Financial Protection Bureau Implementation Team, U.S. Department of the Treasury

PANEL 4

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)


Advert

Archives

Please Support Me!







Write your comment within 199 characters.

All Of These Are Troll Comments