Gregg Marcus Blog: Military Families Offered Mortgage Relief

Gregg Marcus Blog: Military Families Offered Mortgage Relief
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Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this article discussing military families being offered mortgage relief.

A well-deserved relief plan devised back in the days of World War II is still assisting military servicemen and women and their families today in bearing the burden of keeping up with mortgage payments while during deployment.

Called the 1940 Soldiers' and Sailors' Civil Relief Act, and revamped several years ago with the Service members Civil Relief Act of 2003, the program allows for military personnel who took on a mortgage prior to going into active duty to request that their mortgage interest rates be capped at 6% until their active service is completed.

The federal program also protects military families from foreclosure caused by mortgage payment default while the eligible family member is on tour, and for up to three moments following their return.

This means that troops in the Middle East won't have to be distracted from their duties with worries of the interest rates on their adjustable rate mortgages resetting and other fallouts of the current economic climate. Reservists and National Guardsmen and women are also eligible for said relief.

This provision is not automatic - it must be requested by the eligible personnel. And it includes not just mortgage obligations predating active service but consumer debt (like credit cards) as well.

Federal government officials are also suggesting that lenders give eligible military personnel forbearance on all payments of principal due during and throughout active duty.

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