Under the Servicemembers Civil Relief Act (SCRA), active duty military members and their families are protected from legal action relating to rental agreements, security deposits, prepaid rent, eviction, installment contracts, credit card interest rates, mortgage interest rates, mortgage foreclosure, civil judicial proceedings, automobile leases, life insurance, health insurance and income tax payments.
The United States Department of Justice (USDOJ) recently announced that military service members will receive more than $123 million for unlawful foreclosures, which will affect approximately 952 service members and their co-borrowers.
The SCRA caps interest rates on most loans, including home mortgages and credit cards, at six percent and postpones foreclosures and debt collection lawsuits while a service member is deployed. This settlement is the result of a national settlement for violation of the SCRA between the U.S. Government and five of the United States’ largest mortgage services, including JP Morgan Chase Bank, Wells Fargo Bank and Citibank.
Read here for more information: http://www.justice.gov/opa/pr/service-members-receive-over-123-million-unlawful-foreclosures-under-servicemembers-civil
Atkins & Ogle Law Offices, LC offers its sincerest gratitude to all of our nation’s servicemen and women.