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If any of you or your family, especially first-time buyers, are serving in the military, they have special protection against foreclosures under the Soldiers' and Sailors' Civil Relief Act. Under the Act, military personnel may postpone principal payments on mortgage debts if necessary, and in some circumstances, may stop foreclosure actions.
The Act also requires lenders to lower interest rates on debts to 6 percent while the service member is on active duty. That includes all credit card debts.
For full details, go to www.isba.org/volunteer.htm and click on SSCRA.