Veterans Called Back to Duty. What Happens to my Home?
8
-
Upload
new-american-funding-direct-mortgage-lenders -
Category
Economy & Finance
-
view
192 -
download
1
description
Learn about the Servicemember Civil Relief Act and how it can help protect veterans and military personnel from civil obligations and financial burdens when they are deployed in active duty.
Transcript of Veterans Called Back to Duty. What Happens to my Home?
State Licensing Information.
Recap of Veteran Benefits When servicemembers and veterans return home from a tour they have the opportunity to use the home loan guaranty benefit, known as the VA Home mortgage loan. This loan allows servicemembers and veterans to buy, build, repair, retain or adapt a home. But there still is a big question in many servicemember’ minds - “What happens to my home when I’m called back to duty?” The Servicemembers Civil Relief Act will help take some of the stress off you and your family members while you’re on active duty.
State Licensing Information.
What is the SCRA? The Servicemembers Civil Relief Act (SCRA) is a United States federal law that protects military service personnel and commissioned officers from certain civil obligations and financial burdens when they’re called for active duty.
State Licensing Information.
How does the SCRA protect Homeowners?
A 6% cap on interest rates – mortgage,
student loans, credit cards, etc
Protection from eviction
Tax Relief* Forbearance from
mortgage payments while on tour
Ability to terminate residential and car
leases
The SCRA provides for the following items, but not limited to:
*Consult your tax advisor for more details.
State Licensing Information.
Who benefits from the SCRA? Active duty servicemembers in the Army, Air Force, Marines, Navy and Coast Guard
Reservists in active federal service
National Guard in active federal service
Dependents of servicemembers in active duty
State Licensing Information.
How long does SCRA last? The Servicemembers Civil Relief Act provides a wide range of protections to our servicemembers to help ease their financial burdens while protecting our country. The SCRA doesn’t last forever. Once they return from active duty, servicemembers are typically given between 30 to 90 days to restart paying their financial obligations.
State Licensing Information.
Veterans Called Back To Duty, What Happens To My Home?
Learn more about VA Home Loans and Refinancing at
www.NewAmericanFunding.com
