16
May
11

Banks Launch New Programs to Aid Military Families

After reading this great article in Old Republic Digest, I had to share the following with our military friends and families. 

Following a recent move by J.P. Morgan Chase, Bank of America Corp. announced it has launched a new program geared to reducing loan balances for military borrowers who are struggling to pay their mortgages as they leave active duty. 

Many of the banks’ measures go beyond protections already provided to military borrowers in the Servicemembers Civil Relief Act (SCRA).  The SCRA forbids foreclosures on active duty military members and caps interest rates at six percent.

Bank of America’s aid program for military borrowers help servicemembers departing active duty and who no longer are covered by the SCRA.  It reduces the balance on home loans to “as low as 100% of the current market value” and offers reduced interest rates and extended terms to repay the loan.  For active-duty military, interest rates have been cut to four percent.

J.P. Morgan Chase also announced it has cut interest rates for active-duty military members to four percent and it would not foreclose on any active-duty military personnel, even those who are not protected by SCRA.  It also promised more loan modifications would be available to military borrowers who are struggling to make payments. 

Both bank programs began April 1.

I’m glad to hear Bank of America and J.P. Morgan Chase are helping our military families, they do so much for us.  I hope many more banks follow suit.

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Jennifer Ferri, Owner

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