HUD Revises Notice of Disclosure for Service Members
HUD Revises Notice of Disclosure for Service Members
HUD Revises Notice of Disclosure for Service Members
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July 1, 2011 (Shirley Allen)

The Department of Housing and Urban Development (HUD) has announced a revision to the Notice of Disclosure form that explains the rights of active duty military personnel and their dependents under the Servicemembers Civil Relief Act (SCRA).

The Act mandates that during times of war, military members who are on active duty are entitled to mortgage protection in the form of mortgage relief, such as the lowering of their mortgage interest rate to no more than six percent, and foreclosure protection such as stopping foreclosure proceedings against certain military personnel who are recalled to active duty unless the creditor has obtained a court order approving it. Courts may stop the proceedings for a time or adjust the debt.

Currently, a written request and a copy of military orders must be sent in order for the service member to get interest rate relief or foreclosure protection under the Act. That doesn’t change.

The new revision to the Notice of Disclosure form notifies the service member that after sending the written request there is no further requirements on the part of the service member to alert their lender of their military status in connection with a foreclosure.

The burden now falls on the lender to make that determination and to send a copy of the Notice of Disclosure to the homeowners who are in default of their mortgage.

“We all stand behind the men and women of our military when they are called upon to serve,” said HUD Secretary Shaun Donovan. “The Servicemembers Civil Relief Act enables our armed forces to focus on their mission abroad, without worrying about their families at home.”

Service members who seek mortgage or foreclosure relief can call 1-800-342-9647 or visit www.militaryonesource.com/scra for additional information.

Tags: HUD, Servicemembers Civil Relief Act, SCRA, military members, mortgage relief, mortgage protection, foreclosure protection

Source:
HUD

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Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

July 1, 2011 (Shirley Allen)

The Department of Housing and Urban Development (HUD) has announced a revision to the Notice of Disclosure form that explains the rights of active duty military personnel and their dependents under the Servicemembers Civil Relief Act (SCRA).

The Act mandates that during times of war, military members who are on active duty are entitled to mortgage protection in the form of mortgage relief, such as the lowering of their mortgage interest rate to no more than six percent, and foreclosure protection such as stopping foreclosure proceedings against certain military personnel who are recalled to active duty unless the creditor has obtained a court order approving it. Courts may stop the proceedings for a time or adjust the debt.

Currently, a written request and a copy of military orders must be sent in order for the service member to get interest rate relief or foreclosure protection under the Act. That doesn’t change.

The new revision to the Notice of Disclosure form notifies the service member that after sending the written request there is no further requirements on the part of the service member to alert their lender of their military status in connection with a foreclosure.

The burden now falls on the lender to make that determination and to send a copy of the Notice of Disclosure to the homeowners who are in default of their mortgage.

“We all stand behind the men and women of our military when they are called upon to serve,” said HUD Secretary Shaun Donovan. “The Servicemembers Civil Relief Act enables our armed forces to focus on their mission abroad, without worrying about their families at home.”

Service members who seek mortgage or foreclosure relief can call 1-800-342-9647 or visit www.militaryonesource.com/scra for additional information.

Tags: HUD, Servicemembers Civil Relief Act, SCRA, military members, mortgage relief, mortgage protection, foreclosure protection

Source:
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

July 1, 2011 (Shirley Allen)

The Department of Housing and Urban Development (HUD) has announced a revision to the Notice of Disclosure form that explains the rights of active duty military personnel and their dependents under the Servicemembers Civil Relief Act (SCRA).

The Act mandates that during times of war, military members who are on active duty are entitled to mortgage protection in the form of mortgage relief, such as the lowering of their mortgage interest rate to no more than six percent, and foreclosure protection such as stopping foreclosure proceedings against certain military personnel who are recalled to active duty unless the creditor has obtained a court order approving it. Courts may stop the proceedings for a time or adjust the debt.

Currently, a written request and a copy of military orders must be sent in order for the service member to get interest rate relief or foreclosure protection under the Act. That doesn’t change.

The new revision to the Notice of Disclosure form notifies the service member that after sending the written request there is no further requirements on the part of the service member to alert their lender of their military status in connection with a foreclosure.

The burden now falls on the lender to make that determination and to send a copy of the Notice of Disclosure to the homeowners who are in default of their mortgage.

“We all stand behind the men and women of our military when they are called upon to serve,” said HUD Secretary Shaun Donovan. “The Servicemembers Civil Relief Act enables our armed forces to focus on their mission abroad, without worrying about their families at home.”

Service members who seek mortgage or foreclosure relief can call 1-800-342-9647 or visit www.militaryonesource.com/scra for additional information.

Tags: HUD, Servicemembers Civil Relief Act, SCRA, military members, mortgage relief, mortgage protection, foreclosure protection

Source:
HUD

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.