| Most people aren't aware of the fact that the | | | | - FHA case number |
| mortgage lender will be unable to foreclose on your | | | | - Evidence that your mortgage debt was procured |
| home, if one of the people holding the mortgage is | | | | before your enlistment/active duty status |
| on active service in the military. That's right! No | | | | - Your activation date |
| matter how far behind you are on your mortgage | | | | Also along with the interest rate reduction, certain |
| payments, no lender is legally permitted to foreclose | | | | military homes may also be eligible for a reduction in |
| or make a seizure on the property of an active | | | | their monthly payments and/ or a complete stay in |
| military service person until a period of 90 days after | | | | payments for a certain period of time. Such |
| they have returned to civilian life. This position is | | | | conditions are not governed by law but are usually |
| guaranteed by national mandates which have been | | | | considered in cases where military personal face |
| instituted by Congress. | | | | severe financial hardship while serving their country |
| In addition to this foreclosure moratorium, those who | | | | overseas. |
| obtain a mortgage prior to enlistment or the call to | | | | The most essential thing is that you should inform |
| active duty may also qualify for a reduction in their | | | | your lender as soon as it becomes clear that you will |
| interest rates that can help to lower their mortgage | | | | not be able to make the regular monthly payments |
| payments while they are away. | | | | and inform them of the necessary reasons why. It |
| People who are in the military often find it hard to | | | | may take some bargaining but in the end most will |
| make their mortgage payments as long as they are | | | | agree to reduce the payment terms when the |
| still receiving the government salary for active duty | | | | military person in your family is on active duty. It |
| personnel. That's what the Service member's Civil | | | | makes sense; the law doesn't allow the lender to |
| Relief Act (SCRA) was designed to help. It allows | | | | foreclose until the military person returns home, so |
| active duty personnel the opportunity to have their | | | | why can some form of payment be negotiated? |
| monthly payments reduced by as much as 6%. | | | | Either way, there is no need for anyone on active |
| Depending on the current interest rate level this may | | | | military service to bother about losing their home |
| turn out to have a huge impact on their monthly | | | | when they are away. The law is the law; it is illegal to |
| payments. The sum of money which is saved from | | | | repossess the home of active duty military personnel |
| such a reduction does not need to be repaid. | | | | until a period of 30-60 days after they have resumed |
| In order to qualify for such a reduction, your lender | | | | normal civilian life, regardless of how far back they |
| should be notified as soon as you have gotten your | | | | are on their payments. It doesn't give a lot of time |
| orders. | | | | to make the necessary arrangements on your return |
| You'll need to have the following in order to apply: | | | | home but it is a safety net for those you leave |
| - A Copy of your military orders | | | | behind. |
| - Duty notice | | | | |