From the Office of the Judge Advocate General, Code-16
On the heels of the recent news stories and Congressional hearings surrounding JPMorgan Chase’s failure to respect servicemembers rights under the SCRA, JPMorgan Chase unveiled several new military and veterans programs. Many of the benefits outlined in these new programs (which are only available to homeowners with loans through JPMorgan Chase) go well beyond the protections required by the SCRA. A few of the highlights are outlined below, and the entire press release is attached as well.
a. Servicemembers who were eligible for a 6% interest rate cap on their home mortgage interest (the debt must have been acquired pre-service) will now receive a 2% rebate on their mortgage payments for their entire period of active duty and for one year thereafter, effectively lowering their mortgage interest rate to 4%.
b. JPMorgan Chase will not foreclose on any currently deployed active military personnel, whether or not the loan was obtained “pre-active duty” as required by the SCRA.
c. Various news reports place the number of servicemembers on whom JPMorgan Chase wrongfully foreclosed between 14 and 20. JPMorgan Chase has announced it will rescind the sale of those homes and additionally forgive those servicemembers of all remaining mortgage debt.
To view the press release from JPMorgan Chase, please follow the link:
JPMorgan Chase Press Release