- This topic has 1 reply, 2 voices, and was last updated 4 years, 2 months ago by
.
-
Posts
-
Just so I’m sure I read the SCRA Act correctly.
Under the Act, real property secured by a mortgage, deed or other mortgage security which is owned by a servicemember that was originated before the period of the servicemember’s military service and for which the servicemember is still obligated cannot be foreclosed upon, sold, or seized during their period of military service or within one year after service without a court order or the written waiver by the servicemember. A court may, on its own motion, and shall, upon application by a servicemember whose ability to comply with the obligation is materially affected by military service, stay the proceedings or adjust the obligation to preserve the interests of all parties at any time during the period of military service or within one year thereafter.
The only time a lender can deviate from the 1 year after military service has ended is if by court order or voluntary waiver.
Yes, I believe you’ve summed up 50 U.S.C. 3953(c) and are correct. It is interesting to me that the FDIC and FRB exam procedure don’t mention the waiver in 50 U.S.C. 3918, rather only the court order. The OCC procedures do mention the waiver.
- You must be logged in to reply to this topic.