Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
New mortgage foreclosure protections for servicemembers
WASHINGTON (8/12/08)--Credit unions should be aware that a recently enacted housing law provides some immediate protection to servicemembers having trouble making mortgage payments, the Credit Union National Association (CUNA) has advised. The Housing and Economic Recovery Act was signed into law late last month. It is meant, in part, to mitigate burgeoning mortgage foreclosures in a stressed housing market. That new law amends the Servicemembers Civil Relief Act (SCRA) by:
* Offering nine months of protection (formerly 90 days) from mortgage foreclosures for returning servicemembers after they separate from active duty. This provision remains in effect until December 31, 2010; and * Extending the SCRA’s six percent interest rate cap for one year (formerly 90 days) beyond the period of military service if the debt is a mortgage, trust deed, or other security in the nature of a mortgage.
The new recovery law also requires the Department of Defense to implement a foreclosure-prevention counseling program for servicemembers returning from active duty abroad. Refer to the resource link below for more guidance on SCRA requirements.


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago