SCRA Mortgage Foreclosure

I want detail about SCRA Mortgage Interest Rate Reduction so give me information about it?

There are following information about SCRA Mortgage Interest Rate Reduction:

This federal law (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940) provides military personnel important rights and protections as they enter active duty, on issues that include mortgage interest rates, mortgage foreclosure, and credit card interest rates. A major benefit is the ability to reduce mortgage interest rates and consumer debt interest rates (including debts incurred jointly with a spouse) to a 6% limit under certain circumstances. The mortgage or debt must have been incurred before entry into active military service, and the servicemember must show that military service has had a "material effect" on the legal or financial matter involved. This provision applies to both conventional and government-insured mortgages.

SCRA applies 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 service members are also entitled to protections.

For rest of information you are free to download pdf file which I am uploading for you.

Attached Files Available for Download

SCRA Mortgage Interest Rate Reduction.pdf (30.1 KB, 41 views)

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Answered By StudyChaCha Member

Hii guys , I want to know about Service Members Civil Relief Act Mortgage Foreclosure , Will you please provide me details about same ???

As you said you want to know about Service Members Civil Relief Act Mortgage Foreclosure , Here I am providing info. For same :

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) ("the Act").

The SCRA protections 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.

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Answered By StudyChaCha Member