SCRA Amendment to Allow Refinance of Primary Mortgage
My goal is to be able to gain support of all interested parties to have our local congressmen and congresswomen to introduce an amendment to the Soldiers Civil Relief Act to include a clause allowing military, and DOD employees who receive PCS orders the ability to refinance our loans at the current market rates.
Currently, most members are excluded from being able to refinance due to receiving orders from the military to move thus the exclusion is one of the following reasons:
1. The residence is not owner occupied therefore is considered "investment property." We can refinance, but at a higher rate than the current all time lows.
2. If the property is vacant because we were ordered to move, we don't qualify for the refinance.
3. Our loans, like the rest of America's are "underwater" or we owe more than the property is worth, therefore we do not have the loan to value.
Why should we be forced into short sales, foreclosures and not even be able to qualify for a modification because we were ORDERED to move?
HAP does not help many and most have no idea what HAP is or how to apply for the help.
Sir, We the undersigned would like you to consider proposing an amendment to the SCRA to include military members who have received orders to PCS, the ability to refinance our mortgages at the current low rates and waive the exclusions of:
A. Must be owner occupied or is considered investment property
B. Don't qualify because not our primary residence when we have no other real estate we own.
Respectfully,
