Stop Foreclosure the Military Way

Wow, at long last. The military is getting the attention and care that they deserve --- there is a law that helps them avoid or stop foreclosure if they were on active duty within the last 90 days.

According to the Service Members Civil Relief Act of 2003 (SCRA), it says that all active duty personnel, as long as they were not on active duty when they bought their houses and signed their mortgage papers.

By the way, when I speak of active duty personnel, they include:

• Regular members of the Armed Forces (Army, Navy, Air Force, Marine Corps and Coast Guard)

• Reserve, National Guard and Air National Guard personnel who have been activated and are on Federal active duty (whether as volunteers or as a result of involuntary activation)
•
Inductees serving with the armed forces

• Public Health Service and National Oceanic and Atmospheric Administration Officers detailed for duty with the armed forces

• Persons who are training or studying under the supervision of the United States preliminary to induction

• National Guard and Air National Guard personnel on duty for training or other duty authorized by 32 U.S.C. §502(f) at the request of the President, for or in support of an operation during a war or national emergency declared by the President or Congress.

I’m glad to hear that military families can stop foreclosure before it starts. The reality is, our military has served the country selflessly and devotedly. I think it’s about time that we repay back all the effort and hardwork that they have given us for a long time now. Believe me --- it’s the least we could all do for them.

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Stop Foreclosure: Getting By with Loan Modification

People all over the world are feeling the backlash of the economy. The price of gasoline and other basic commodities are slowly killing minimum wage earners. Companies are laying off people in order to cut on costs and labor. Loan companies are foreclosing on properties, houses and cars of borrowers. In the midst of all the chaos, people are relying on the benefits of loan modification.

Loan modification is an agreement between the lender and the borrower to modify loan terms and condition. The setup equally benefits both parties as lenders get paid and borrower gets to preserve ownership of the property. However, getting your loans modified may not be easy if you’re going to do it on your own. Most of the time, the expertise of a loan modification specialist is needed for you to fast track your application. They have all the experience and the connections to get you a good deal with a lender.

There are a hefty number of loan companies and experts on the said field who can help you jumpstart modifying your loans. It is best to look for someone who can really do the job for you than second guess on the next course of action. Doing this is pretty easy because of the wonders of the internet.

There are a lot of loan modification services on the worldwide web for borrowers who are feeling the pinch of the economic crisis. However, the borrower himself should be the one to initiate the materialization of the mortgage process. None of the loan terms alteration will happen without the borrower’s initiative and determination to survive the looming foreclosure.

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