Saturday, February 14, 2015
Soldier Relief Act of 1940 to stop a Foreclosure
If a Real Estate Agents client (seller) is in foreclosure and the property is owned by military personnel and the mortgage payments are not made, then this relief act may stop foreclosure based on certain criteria. The person has to be on active duty in order to qualify. The mortgage loan had to be established before the soldier was called out to active duty. Not only will this stop foreclosure, but it will stop seizure of any personal property while the soldier is actively serving. This is one tool that can allow a Realtor as well as the client buy a little more time to make a productive deal rather than have to take the first offer. This will also allow more time in escrow. If this is a married couple, this will relieve a great deal of stress on the serviceman and the spouse. We all know a reprieve is conducive to clear thinking and decision making skills by all parties.