Monday, April 04, 2005

Active Soldiers Under Gun From Mortgage Lenders

Source: OriginatorTimes.com

NEW YORK, (UPI)

More active duty U.S. soldiers are being pressured by mortgage lenders and other creditors in violation of federal laws, the New York Times reported Monday.

The law strictly limits the ability of these creditors from foreclosing against active soldiers. But the Times, citing court records and interviews with military and civilian lawyers, said Americans ordered to wars are sometimes facing demoralizing demands from financial companies.

Some cases even involve nationally prominent companies like Wells Fargo and Citigroup, though both said they are committed to strict compliance with the law.

Legal experts said the problem is too many lenders, debt collectors, landlords, lawyers and judges are unaware of the federal statute or do not fully understand it.

The U.S. Supreme Court has ruled the law's provisions must "be liberally construed to protect those who have been obliged to drop their own affairs to take up the burdens of the nation."

The law provides a broad spectrum of protections to service members, their spouses and their dependents.

Copyright 2005 by United Press International




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