The Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans. Driven by the receipt of over 1,300 complaints from servicemembers regarding the collection and servicing of their student loans, the CFPB’s report (Overseas & Underserved: Student Loan Servicing and the Cost
SCRA Post-Service Protections Extended
The Servicemembers’ Civil Relief Act (SCRA) was created to help relieve or suspend the financial burdens placed upon those serving in the U.S. military. One of the key protections afforded by the SCRA is a temporary stay of proceedings to enforce certain mortgage debts or other secured debts. In order to qualify for this protection,
SCRA “Early Alert” Notification – What Is It and Why Does It Matter?
The Servicemembers’ Civil Relief Act (SCRA) gives certain protections to military borrowers. The most well-known amongst the lending industry are, in very simple terms, the requirement for a military affidavit when seeking a default judgment, reducing the interest rate to 6 percent for pre-services loans, and the protection from foreclosure for a pre-service loan without