California Company Launches Foreclosure Prevention Program for Military

by admin ~ October 22nd, 2008.

San Diego-based You Walk Away, a company that helps families facing foreclosure, has instituted a new program called the Military Walk Away Protection Kit. This foreclosure prevention program is based on the federal law called the Servicemembers Civil Relief Act (SCRA), helps members of our armed forces who received loans while on active duty stave off foreclosure by preventing lenders from taking legal action for a specified period of time. This often affords military personnel the much-needed time to renegotiate with the lender to lower their current payment or opt for a preset interest rate, alleviating foreclosure and perhaps economic disaster during an already difficult time, the company explained.

Chad Ruyle, principal and co-founder of You Walk Away, said SCRA, which was enacted in 2003, is often not well-known and rarely publicized. “The SCRA is literally never mentioned as an option for people on active military duty, which is unfortunate as this is an important benefit for military families who are busy giving back to their country,” Ruyle said.

“We created our program as a way to not only publicize this option for military personnel, but to also offer aid to a spouse or family who is looking for alternatives while their spouse is across the world fighting for their country,” Ruyle explained. “Often our team can help negotiate terms on their behalf, legally, by lowering their loan to a set six-percent rate, saving their home, and their economic future.” Foreclosure prevention has become a critical component for government to help homeowners avoid losing their homes.

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