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Armed Forces members given needed breaks with the New Housing Bill

While on www.Bankrate.com, I read an interesting article to share. Service members returning from active duty abroad will be given breaks. Some protections apply to service members whose military obligations affect their ability to repay debts, primarily Reservists and members of the National Guard who are called to active duty. They have to leave their jobs and, in many cases, take pay cuts.

For those service members, there is protection having to do with foreclosures and interest rates. If a service member had a mortgage before entering active duty, a lender can’t start foreclosure proceedings until nine months after the service member returns from active duty. Formerly , the protection period was 90 days.

Also, when someone with a mortgage is called up to active duty, the interest rates on previously existing debt are capped at 6 percent. That 6 percent cap extends until one year after the service member returns from active duty.

Thanks to Graham Stiles at www.GrahamStiles.com for sharing this article.

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