HUD: Revises SCRA Foreclosure Protection Notice



On January 24, 2011, I discussed some of the foreclosure problems that our Veterans have been dealing with as a result of actions taken by lenders to foreclose that are inconsistent with the ruling law. Indeed, JP Morgan Chase (JPM) improperly foreclosed on 14 veterans and overcharged in interest 4,000 veterans. JPM is now seeking means to rectify and redress the circumstances, though lawsuits, politician's posturing, committee meetings, and federal prosecutors are following up. For the affected veterans, it can't be too satisfying to learn that JPM's public relation's response was they felt badly and mistakes were made!

In my Commentary, entitled Accidentally Closing on Veterans, I asked:

But did these properties become REOs in spite of prompt claims processing, accurate charging of the required mortgage interest by lenders, proper application of the protections provided by the aforementioned laws, and providing foreclosure prevention remedies, mediation, and assistance to veterans?

This article outlines the following:

1) Certain Foreclosure Protection Provisions

In the Housing and Economic Recovery Act of 2008 (HERA), in Section 2203, HERA set forth requirements regarding:

-Extension of Period of Protections Against Mortgage Foreclosures;

-Treatment of Mortgages as Obligations Subject to Interest Rate Limitation; and,

-Effective Date (July 29, 2008) and Expiration Date (December 31, 2010)

2) SCRA Notice - Outline

-Legal Rights and Protections Under the SCRA

-Who May Be Entitled to Legal Protections Under the SCRA?

-What Legal Protections Are Servicemembers Entitled To Under the SCRA?

-The SCRA contains many other protections besides those applicable to home loans.

-How Does A Servicemember or Dependent Request Relief Under the SCRA?

-How Does a Servicemember or Dependent Obtain Information About the SCRA?


The article provides useful links and Library resources.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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