Recently I have heard several stories where “Active” military personal have had their homes foreclosed on and it irritates me greatly! I mean think of the stress levels that both spouses experience during the foreclosure process; not to mention the family having to move during a time that the husband / wife and dad is fighting overseas. That is heartbreaking.
First off how can the bank foreclose on someone who is actively serving this country? Second off in most situations foreclosing on an active military person is breaking the Service Members Civil Relief Act (SCRA) formally Soldiers & Sailors Civil Relief Act (SSCRA). So why have the “Banks” been foreclosing on the one’s serving this country? They must have been ignorant to the laws! Not to mention sitting there and clicking their computer screen to begin the foreclosure process while the veteran is putting his life on the line to protect this country.
Great news today!
The Department of Justice has made a stand for those military people! Thomas Perez, Assistant Attorney General for the Civil Rights Division said “The men and women serving our nation should not have to worry about a bank foreclosing on their home while they bravely serve our country,” BAC Home Servicing will pay a total of $20,000,000 as compensation for those military people who were illegally foreclosed on.
Military personnel whose homes were improperly foreclosed upon will each receive at least $116,875 from BAC Home Loans Servicing, a subsidiary of Bank of America, for the bank’s alleged violation of the (SCRA). For details o the SCRA law http://www.military.com/benefits/content/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html
I hope we all continue to stand up and support those serving this country.
P.S. yes I do VA loans
Senior Loan Analyst
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