Question: Dear Steve, I incurred a large amount of student loan debt ($120k of private loans and $24k of federal loans). I am a reservist who has deployed 3 times and preparing for my 4th deployment and this time to Afghanistan. I’m looking into options to reduce my student loan debts. Are there any programs …
What GAO Found The Servicemembers Civil Relief Act (SCRA) provides servicemembers with an interest rate cap of 6 percent on student loans while they are on active duty. The number of servicemembers with federal student loans who received this rate cap increased as a result of the Department of Education (Education) requiring federal loan servicers …
The Military Lending Act (MLA) provides some much needed protections for active duty members of the armed forces or on active Guard or Reserve duty. Under this federal regulation, covered members of the military can’t be charged an interest rate higher than 36% on some types of consumer loans like certain payday loans, auto title …
“Dear Steve, I am duty military and I was deployed overseas for about four years as a training instructor to foreign military. Before I went oversea I contacted Mohela and I was told that my loans would be deferred. To make a long story short that wasn’t the case my loans had defaulted without my …
“Dear Steve, Military Member in the Reserves, Student loan forgiveness and lender credit freeze at a 6% interest rate How does the loan forgiveness work for military members? I have been in the Army Reserves for the past 2 years does the program apply to me? I was also wondering about the 6% interest freeze …
Effective February 2, 2013, military service members will have greater protection from foreclosure. Under the Servicemembers Civil Relief Act, active duty military personnel were protected from a foreclosure or repossession made during the military service or within 9 months thereafter. This protection is being extended from 9 months to one year and will revert expire …
The Office of the Comptroller of the Currency (OCC) today announced enforcement actions against Capital One, N.A., and Capital One Bank (USA), N.A., for violations and compliance deficiencies related to the Servicemembers Civil Relief Act (SCRA). The SCRA provides servicemembers relief from certain obligations and temporarily suspends judicial and administrative proceedings and transactions involving civil …
by Paul Kiel ProPublica Can you put a price on the damage caused by a wrongful foreclosure? Banking regulators have. And it’s $125,000. Or $60,000. Or $15,000. Or2026 it’s unclear. Last November, banking regulators launched a process to force the big banks to compensate homeowners victimized by their foreclosure abuses. Many crucial details remained unclear, …
We can’t make our payments, applied for a modification over a year ago. Paid trial payments and the first couple of regular payments, then received a notice from the mortgage co. that they were mistaken, and the mod had not actually gone through. I stopped making the payments as they were not being credited anyway. …
I am new car franchise dealer, i recently sold a class e-5 active army seargent, in the past i was at a large dealership in little rock ar. and we were familiar and had several that took advantage of this program. I am currently in a small town and dealership that has never heard of …