Kay, 404-298-5500, Georgia Mortgage Consultant
HR 3221, known under many names, includes sections dedicated to helping our nation's veterans preserve homeownership and avoid foreclosure. The President signed the bill into law yesterday, July 30, 2008.
As with most new legislation, it will take a couple of months for us to start to see the effects of these changes. In the meantime, here are some of the provisions of HR 3221 that apply to active duty military and veterans.
Extends Foreclosure Waiting Period
This provision extends the time lenders must have to wait before they can begin foreclosure proceedings on homes owned by someone
returning from military service. Under current guidelines, lenders must wait 3 months. The bill extends this period to 9 months. The foreclosure extension provision ends December 10, 2010.
Provides Temporary Mortgage Interest Rate Relief
Lenders must wait one year before raising the interest rates on a loan held by a member of the military returning from service.
Makes Financial Counseling Available
The Department of Defense must establish a counseling program for
all members of the military (veterans and active service) who are facing financial difficulty.
Expands Homeownership Opportunities
Increases the Veterans Administration (VA) home loan limit in high-cost housing areas.
Housing benefits for Veterans with Disabilities
Increases benefits provided to veterans with disabilities to adapt their housing. Allows the VA to provide improvements to the homes of veterans who have service-connected disabilities.
Want more up-to-date Georgia VA mortgage information?
Click here to get Georgia VA Mortgage updates emailed to you.
Posted by Kay,
Georgia Mortgage Consultant and VA Loan Specialist.
404.298.5500
25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
;)
;)
