HOM INtro #68: Special Protection if You\'re Military


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Sacrifice comes with privileges—unfortunately too many military families are not aware of the special protections which could make your life easier when you are active duty and struggling to manage your finances. If you are military—or you are about someone who is military—invest a few minutes to view this Intro which provides details on provisions to avoid foreclosure or default on other bills when you’re in the service. It also addresses the fact that you can get help with car loans and/or get out of residential or car leases—if the need arises.

Get informed—Make a difference.

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HOM INtro #68: Special Protection if You\'re Military

  1. 1. Special Protection if You’re Military “ Your Real Estate Advisor” Intro #68 Brought to you by: Home Ownership Matters Training Institute
  2. 2. Description To provide valuable information to members of our military service as well as the general public (so you can share with your military family member). It is critical that servicemen and women become aware of the special protection they have that will allow them to avoid foreclosure on their home as well as provide this same information with all real estate professionals who could be using this information to help consumers save their homes and reduce other financial burdens. Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  3. 3. There’s a LAW... <ul><li>S C R A </li></ul><ul><li>Servicemembers Civil Relief Act </li></ul><ul><li>Most Significant Protections Provided Include: </li></ul><ul><li>Limitations on possible foreclosure of any real property owned by active duty members </li></ul><ul><li>Restrictions on deficiency judgments (when allowed) </li></ul><ul><li>Reduction to 6% interest rate on obligations initiated prior to active duty </li></ul><ul><li>Right to terminate leases — residential and automobile </li></ul><ul><li>Limitations on eviction from residence </li></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  4. 4. You’re Protected... if... <ul><li>You’re a member of the uniformed services </li></ul><ul><li>On active duty. These protections extend to: </li></ul><ul><li>Armed Forces (Army, Navy, Air Force, Marine Corps, and Coast Guard) </li></ul><ul><li>Members of the commissioned corps of National Oceanic and Atmospheric Administration and the Public Health Service </li></ul><ul><li>National Guard who are called to active duty which has been authorized by the President or Secretary of Defense and are called up for more than 30 days </li></ul><ul><li>Reservists ordered to report for military service </li></ul><ul><li>Citizens of the United States who are serving with allied forces </li></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  5. 5. What Constitutes Active Duty? <ul><li>Active duty includes: </li></ul><ul><li>Full-time training </li></ul><ul><ul><li>Annual training </li></ul></ul><ul><ul><ul><li>Attendance at a military school </li></ul></ul></ul><ul><ul><ul><li>Special Circumstances Include: </li></ul></ul></ul><ul><ul><ul><li>You are Active Duty while absent from duty due to sickness, </li></ul></ul></ul><ul><ul><ul><li>leave, wounds, or other lawful causes. </li></ul></ul></ul><ul><ul><ul><li>** Both dependents and co-borrowers may be eligible for the same benefits </li></ul></ul></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  6. 6. Protection is extended to cover <ul><li>Mortgages </li></ul><ul><ul><li>Deeds of Trust </li></ul></ul><ul><ul><ul><li>Land Installment Contracts </li></ul></ul></ul><ul><ul><ul><ul><li>Tax Sales (on certain property) </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Interest Rate Reduction to 6% on mortgages, car loans, credit cards, business debt. (Student Loans are not eligible.) </li></ul></ul></ul></ul></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  7. 7. Lenders may not... <ul><ul><ul><li>Threaten to foreclose (after notification) </li></ul></ul></ul><ul><ul><ul><li>Foreclose on or seize property while the service member remains on active duty and for 90 days afterwards </li></ul></ul></ul><ul><ul><ul><li>Numerous other prohibitions are in place as well </li></ul></ul></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  8. 8. To receive protection Available under srca Servicemen Should: <ul><li>Provide written notice to ALL creditors of their active duty status </li></ul><ul><li>Request an interest rate reduction to 6% on ALL loans </li></ul><ul><li>Notify the court of active duty status if legal action has already begun and request a “stay” </li></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  9. 9. Resources <ul><li>Google “Servicemembers Civil Relief Act” </li></ul><ul><li>Veteran’s Administration (HomeLoans.VA.gov) </li></ul><ul><li>National Consumer Law Center’s “Foreclosure Prevention Counseling” available at www.consumerlaw.org or call (617) 542-9595 </li></ul><ul><li>Check your state’s website for additional protections available to military personnel </li></ul><ul><li>Judge Advocate General (JAG) Corps Attorney at your military base </li></ul>Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  10. 10. Partial list of HOM Webinars Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved. Vol 01: Getting to the Closing Table   Vol 02: Is it Fraud or “just predatory”?   Vol 03: Brokers: Are Your Agents Putting You at Risk?   Vol 04: PALM—Practical Application of Loss Mitigation   Vol 05: Secrets of a Professional BPO   Vol 06: Fair Housing Vol 07: Seller is the Lender   Vol 08: Short Sale: Not Your Typical Transaction   Vol 09: Foreclosure Intervention: Why Do You Need a Specialist? Vol 10: Buying REO is Risky Business   The BT Series   Vol 11: Buying TIME—When Your Money is Running Out Vol 12: Mr. Smitherman—The Connection for Your Housing Situation Vol 13: Q W R—In Detail Vol 14: Foreclosure: a PROCESS & an EVENT Vol 15: Taking Charge of Your Housing Situation
  11. 11. HOM Disclaimer/Hold Harmless The material provided is deemed to be reliable and accurate at the time of publication. However, the subject matter is undergoing almost constant change and you should assume responsibility for current research on procedures, policies, guidelines and changes in the law concerning your housing situation. Trainer has relied upon such sources as the National Consumer Law Center but is NOT an attorney. This information is provided as a community service. Please seek legal counsel to address your specific mortgage or housing situation and to determine your rights and responsibilities. Home Ownership Matters, LLC and contributing author hereby disclaim any responsibility or liability which may be asserted or claimed arising from reliance upon the information provided. Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.
  12. 12. Survey Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved. You can take the survey online at: http://www.surveymonkey.com/s.aspx?sm=2M63rhnWI80dBfs72fg_2f_2fQ_3d_3d Or fax this to (Toll Free): (877) 587-4507 Name: _________________________________ Phone: _____________________ Firm Name (If Applicable): ______________________________________________ Address: _____________________________________________________________ City: ____________________ State: ____________ Zip: ______________________ E-Mail Address: _______________________________________________________ I would like to be added to the HOM Distribution List: ___ Yes ___ No I understand that my information will not be sold or shared with anyone other than HOM ---------------------------------------------------------------------------------------------------------- Please let us know if you have any questions or comments: ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ What would you like to see HOM do in the future? (Webinars, courses, e-mails, articles, etc): ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ Thanks for your input, we really appreciate it!