Mortgage relief is available for military personnel

Real Estate Watch

October 14, 2001

Military personnel who've been ordered to report for active duty are being urged by the Mortgage Bankers Association of America to contact their lenders to discuss their eligibility for mortgage relief.

Under The Soldiers' and Sailors' Civil Relief Act of 1940, members of the Army, Navy, Marine Corps, Air Force and Coast Guard, military reservists and Guardsmen can qualify for financial relief.

Benefits include the prohibition of lenders from foreclosing against military personnel during, and three months after, their tour of active duty. Military personnel can also request to cap their mortgage rates at 6 percent while on active duty.

To be eligible, military personnel must have had a mortgage obligation before they enlisted or were recalled to active duty. Borrowers of Federal Housing Administration-insured mortgage loans also have additional protections.

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