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Tag Archives: Servicemembers Relief Act

SCRA Provision Receives Extension

A specific provision in the Servicemembers Civil Relief Act (SCRA) was amended to extend protections for military members with mortgage obligations, the Office of the Comptroller of the Currency (OCC) announced.

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Settlement Monitor Announces Outreach for Servicemembers

The national mortgage settlement monitor, Joseph A. Smith, launched an outreach Monday to inform servicemembers of their ability to report servicing complaints online. Through the outreach, Smith wanted to specifically encourage servicemembers to report mortgage servicing complaints online to keep the Office of Mortgage Settlement Oversight better informed.

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New Guideline Will Make Short Sales Easier for Military Homeowners

Under a new guideline, military members with Fannie Mae or Freddie Mac loans will now have an easier time with short sales. Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco announced in a release Thursday that military homeowners who receive Permanent Change of Station (PCS) orders can sell their homes via short sale without having to go into default first. Last year, Fannie Mae and Freddie Mac issued guidance to servicers to have PCS orders count as a hardship for military members seeking relief. The new policy takes an even greater step forward and will allow military members with PCS orders to sell a primary residence purchased on or before June 30, 2012 for less than the balance on their mortgages even when current on their payments.

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Senators Seek to Expand Housing Assistance for Military Members

Senators Jack Reed (D-Rhode Island), Dick Durbin (D-Illinois), Sheldon Whitehouse (D-Rhode Island), and Mark Begich (D-Alaska) are sponsoring a bill to expand protections for military members in the Servicemembers Civil Relief Act (SCRA). Delaware Attorney General Beau Biden is also supporting the bill, known as the Servicemember Housing Protection Act (S. 3179), which has been has been referred to the Senate Committee on Veterans' Affairs.

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Obama’s Housing Relief Plans for Servicemembers and FHA Borrowers

President Obama is announcing two steps that will be taken to assist servicemembers and FHA borrowers, the administration stated in a release today. One provision will have servicemen who were foreclosed upon since 2006 reviewed, and if any are found to have been wrongfully foreclosed upon, they can receive compensation equal to a minimum of lost equity, plus interest and $116,785. In addition to foreclosure reviews, servicemembers will be reviewed for interest rates to see if any were charged more than 6 percent after a request to lower the rate.

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Management Company Settles After Allegedly Violating SCRA

The Department of Justice reached a settlement today with Empirian Property Management Inc. regarding allegations that the management company refused to terminate leases for military members after the members received permanent change of station orders, the Justice Department announced today. The military members involved were on active duty in the Air Force and were assigned to Offutt Air Force Base in Sarpy County, Nebraska.

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