Tuesday, March 29, 2005

 

Not Good, Not Good At All

Let's see, you are an honest hardworking kinda guy. You do your duty to defend your country by serving in the reserves. You are called up to go to Iraq. And your mortgage company decides to foreclose, even though there is a law prohibiting it.

Apparently a lot of big name lenders don't understand the law.
The relief act provides a broad spectrum of protections to service members, their spouses and their dependents. The interest rate on debts incurred before enlistment, for example, must be capped at 6 percent if military duty has reduced a service member's family income.

The law also protects service members from repossession or foreclosure without a court order. It allows them to terminate any real estate lease when their military orders require them to do so. And it forbids judges from holding service members in default on any legal matter unless the court has first appointed a lawyer to protect their interests.
May I suggest that you contact any lender you work with and remind them of this law. Even if you are not in military service yourself, support our troops and make this reminder.

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