Soldiers and sailors act / foreclosure?

Question

I am a active military employee that was order to move this summer from FL to RI. I own a home in FL and I am a renter in RI. I have a 1st and second loan on my home the 1st loan is though OCWEN and my second one is though USAA. Since I have moved in May I have stopped paying OCWEN because I am unable to aford my mortage payment and my rent but I have made ontime payments to USAA. Now 6 months later I have just been summoned. Can OCWEN Foreclose on my home? Is there anything in the Soldiers and Sailors Act that could help me out?

Answer 1

You may try to google it,here has some direct resource that might be helpful.http://home-loan.online-frees.info/home-...

Answer 2

No, they will not help you.   The FL home is investment property?

They can foreclose, no problem.

Answer 3

The Soldiers and Sailors Act provides any person ordered to "active" military status not just deployed overseas.  The Act states that for the time that the orders state the person will be on active military duty, that lenders cannot charge more than 6% on a loan.

We have instances of a member of the military providing us their orders 6 months or so after they were on active military duty.  We had gone back 6 months to adjust the interest/payments since the 6% starts on the date the active duty starts and ends when active duty ends.

However, if payments are not made at the lower interest rate, the lender would have the right to foreclose.  Not sure what lender would do it, but they could.

I would be happy to get exact answers for you, shoot me a message and I will reply.  I have can contact folks I know in a Mortgage Operations department I know.

Answer 4

I don't think the Soldiers and Sailers Act can help you, I believe it was meant for Soldiers and Sailers who are deployed to a war zone.