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Military personnel reap real estate benefits

65-year-old law upholds provisions for mortgages, foreclosures
Published on Sep 28, 2005

Thousands of military reservists are being called back for the Iraq War. But I really didn't expect my friend, Andy, age 58, to get the call. Much has been written about how the war is altering relationships and marriages, but we hardly ever hear about a spouse being called into military duty after 30 years of marriage – and a long-term mortgage about ready to be extinguished. The announcement drove me to check out what domestic help Andy could expect while he's away. While some employers make up the difference between civilian and military pay – especially in the case where reservists have to leave unexpectedly – all military personnel on active duty are eligible for help with their mortgage and other debt under the 1940 Soldiers' and Sailors' Civil Relief Act (SSCRA). The act allows Reserve and National Guard members and other military personnel whose mortgage obligations pre-date the start of their active duty to cap their mortgage rates at 6 percent while they ...

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