I am shocked...shocked!
Posted on 05/06/2008 8:24:33 PM PDT by doug from upland
NOTE: In her victory in Indiana speech tonight, Hillary made the statement about soldiers' homes being forceclosed while they are in harms way. That is a lie. While on active duty, a soldier's home cannot be foreclosed without court order. That order is only granted if it can be shown that they can afford the payments but are not making them. The law is over 65 years old and began as the Soldiers and Sailors Civil Relief Act. It helped our warriors during WW II while they were saving the world from the Nazis. It is now called the Servicemembers Civil Relief Act. If someone can find the clip when it is posted, I'd appreciate it.
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Questions & Answers for Reservists, Guardsmen and Other Military Personnel
regarding mortgage payment relief and protection from foreclosure provided by the Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940).
Who Is Eligible? The provisions of the Act apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty. This includes members of the Army, Navy, Marine Corps, Air Force, Coast Guard; commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration who are engaged in active service; reservists ordered to report for military service; persons ordered to report for induction under the Military Selective Service Act; and guardsmen called to active service for more than 30 consecutive days. In limited situations, dependents of servicemembers are also entitled to protections.
Am I Entitled To Debt Payment Relief? The Act limits the interest that may be charged on mortgages incurred by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service. Mortgage lenders must, at your request, reduce the interest rate to no more than six percent per year during the period of active military service and recalculate your payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.
Is The Interest Rate Limitation Automatic? No. To request this temporary interest rate reduction, you must submit a written request to your mortgage lender and include a copy of your military orders. The request may be submitted as soon as the orders are issued but must be provided to a mortgage lender no later than 180 days after the date of your release from active duty military service.
Am I Eligible Even if I Can Afford To Pay My Mortgage At A Higher Interest Rate? If a mortgage lender believes that military service has not affected your ability to repay your mortgage, they have the right to ask a court to grant relief from the interest rate reduction. This is not very common.
What If I Can't Afford to Pay My Mortgage Even At the Lower Rate? Your mortgage lender may allow you to stop paying the principal amount due on your loan during the period of active duty service. Lenders are not required to do this but they generally try to work with service members to keep them in their homes. You will still owe this amount but will not have to repay it until after your complete your active duty service.
Additionally, most lenders have other programs to assist borrowers who cannot make their mortgage payments. If you or your spouse find yourself in this position at any time before or after active duty service, contact your lender immediately and ask about loss mitigation options. Borrowers with FHA insured loans who are having difficulty making mortgage payments may also be eligible for special forbearance and other loss mitigation options. More information about help for homeowners who are unable to make payments on a mortgage is available on the HUD website at http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm.
Am I Protected against Foreclosure? Mortgage lenders may not foreclose, or seize property for a failure to pay a mortgage debt, while a service member is on active duty or within 90 days after the period of military service unless they have the approval of a court. In a court proceeding, the lender would be required to show that the service member's ability to repay the debt was not affected by his or her military service.
What Information Do I Need To Provide To My Lender? When you or your representative contact your mortgage lender, you should provide the following information:
Notice that you have been called to active duty; A copy of the orders from the military notifying you of your activation; Your FHA case number; and Evidence that the debt precedes your activation date.
HUD has reminded FHA lenders of their obligation to follow the Act. If notified that a borrower is on active military duty, the lender must advise the borrower or representative of the adjusted amount due, provide adjusted coupons or billings, and ensure that the adjusted payments are not returned as insufficient payments.
Will My Payments Change Later? Will I Need To Pay Back The Interest Rate "Subsidy" At A Later Date? The change in interest rate is not a subsidy. Interest in excess of 6 percent per year that would otherwise have been charged is forgiven. However, the reduction in the interest rate and monthly payment amount only applies during the period of active duty. Once the period of active military service ends, the interest rate will revert back to the original interest rate, and the payment will be recalculated accordingly.
How Long Does The Benefit Last? Does The Period Begin And End With My Tour Of Duty? Interest rate reductions are only for the period of active military service. Other benefits, such as postponement of monthly principal payments on the loan and restrictions on foreclosure may begin immediately upon assignment to active military service and end on the third month following the term of active duty assignment.
How Can I Learn More About Relief Available To Active Duty Military Personnel? Read this article describing the Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act).
Servicemembers who have questions about the SCRA or the protections that they may be entitled to may contact their unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact or visit local military legal assistance offices where they reside. A military legal assistance office locator for each branch of the armed forces is available at http://legalassistance.law.af.mil/content/locator.php
I didn’t hear her say this because I’m not paying attention but if she did, she’s going to get hammered for this lie.
Does she even employ fact checkers?
No, she doesn’t care about truth but what politician does?
I am shocked...shocked!
“That is a lie. While on active duty, a soldier’s home cannot be foreclosed without court order.”
I heard her say this too, and I was certain this was not true. Where the heck did she pull this from?
Hillary may lie but she’s not going to be the nominee.
Obama is the one that has to be beaten.
The USA Today article referenced on Hillary’s website:
http://www.usatoday.com/news/military/2008-04-24-foreclosure_N.htm
Clintons have never lacked for chutzpah. Bill Clinton used the Soldiers and Sailors Relief Act in attempting to avoid the Paula Jones case since he was then Commander in Chief!
Saved her web page as it is tonight...can look later to see if any changes are made after tonight. [05/06/2008]
If there are lenders going after those serving abroad and trying to drag them into court, I’d like to know about it. There is a caveat here -— the law applies to mortages taken out before entering the service. If there are lenders taking property away while people are fighting overseas —— she said “while in harms way,” —— I want to know about it.
Yes, indeed. Bill claimed he was on active duty as commander in chief and not subject to the civil lawsuit until he left office.
The law applies to loans taken out before joining the service. Many have done refis after joining. If Hillary can show me that soldiers are actually losing homes, I will support her on this. I doubt that it is true.
Here is what seems to really be going on:
http://www.corpwatch.org/article.php?id=12008
In a nutshell, the lenders are either not aware or are ignoring the law that is already in place that protects active-duty service members from foreclosure.
And from what I can tell, the stats that Hillary mentions in that article on her website mixes in numbers from VETERANS facing foreclosure along with the active-duty personnel. Well, that changes things, doesn’t it? And even veterans are protected by a one-year moratorium after returning from active duty, I believe.
So Hillary’s claim that she is going to “fix” this “injustice” is bogus. As far as I can tell, there is nothing to fix.
You also have to be a pretty incompetent attorney not to know these protections exists for servicemembers. But then again, who said she ever was a competent attorney.
Her very large ass - that's where.
How about the other whopper where she liltfully states that when service people speak to her, they ask her to please make sure to take care of their friends. Or something to that effect. I will bet you anything she hasnt spoken to more than a dozen people in the military in her lifetime, not counting the Generals she berates for the camera's.
Quick! Go to her web page and mail the entire page to yourself. Then you will have a permanent copy that cannot be changed! Notice I said MAIL IT! Not just save it.
Hmm, didn’t notice until now that that last article was from March 28, 2005 (I initially read it wrong as 2008), but I assume it still applies as an explanation of what is really happening. The lenders’ ignorance of the law seems to be the major problem.
There may actually be a change necessary in the law. I’d like to know how many have been foreclosed why took out a loan after enlistment. The worst publicity a lender can get is taking a home while someone is risking his life for our country. If she can show me that homes have been lost, I’ll apologize.
I think this is only a ploy to show how she really loves the military.
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