For those of you who don’t get the LA Times on Sunday or don’t read the news papers or don’t check the business section of the Internet provider you use then this should come as NEWS!!!
Mortgage Relief for MILITARY service members
According to the story, the 2003 Service-Members Civil Relief Act allows reserve and National Guard members and other military personnel whose mortgage obligations pre-date their active duty to cap their rates at 6% while they are on active duty. Other benefits of the act include a prohibition on lenders foreclosing on the homes of affected military personnel during, and for three months after, their tours of active duty.
This act actually limits the amount of interest that may be collected on all debts – not just mortgages – to 6% per year during the period of military service. This includes ARMS and credit cards, car loans, and other debts.
For more information on the relief act programs call (888) 446-6434 (option 4)