Active Duty personnel deployed overseas and unable to pay their VA loans may be entitled to default or foreclosure relief under the Servicemembers Civil Relief Act.
Certain deployed military members are entitled to relief from VA loan default or foreclosure through the Servicemembers Civil Relief Act (SCRA). Military families make tremendous sacrifices when their loved ones are deployed overseas. A VA loan default or foreclosure shouldn’t add to the stress. The SCRA may help a qualified military member to deal with debt problems that arise out of financial contracts entered into prior to active duty. By suspending civil claims against deployed servicemembers, it may also protect their spouses from having to deal with default or foreclosure while their loved one is away.
In many cases, the SCRA can help provide relief from:
- Mortgage default
- Lease termination
- VA loan foreclosure or non-VA mortgage foreclosure
- High interest rate debt
- Court proceedings
- Default judgments
- Tax payments
VA Loan Foreclosure Prevention
The SCRA law may also be used to obtain relief from a VA loan foreclosure. Foreclosure judgments may be postponed, and even prevented, in order for servicemembers to focus their full attention on duty. This portion of the law also protects military spouses from having to deal with legal stresses alone.
For more information about VA loans contact an experienced VA-approved lender. For more information about the protections provided by SCRA, contact a qualified licensed attorney.
Veterans First is a trade name of Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank. I NMLS# 449042 I Equal Housing Lender