2011 Headline: Chase Spend $2 Million to Fix Errors on Military Mortgages.

At the heart of this is the Servicemembers' Civil Relief Act, enacted in 2003, which actually repeated and expanded some of the protections contained in the Soldiers' and Sailors ' Civil Relief Act of 1918.

Key provisions include a 6% cap on interest that can be charged on loans that predate the period of active duty, and a suspension of adverse actions, including foreclosure, during the term of active duty.

If your ERISA plan allows loans to participants, you should know that SCRA affects you, too.

Any participant on active duty has the right to have his interest rate reduced to 6% until after his active duty ends.

Pin It

    Have a problem? I can help!

      I have the experience to get the job done for you!

      I'm located in Caledonia, NY, near Rochester,  but I have clients all over the country.

      Contact me at 585-204-7085, leave a voice message, or email This email address is being protected from spambots. You need JavaScript enabled to view it. 

 

      Want more information? Join one of my mailing lists.