Inquiry Routing & Information System (IRIS)
Loss mitigation to borrower with Service members Civil Relief Act (SCRA) protection
Do we perform loss mitigation the same if the borrower is already under Servicemembers Civil Relief Act (SCRA) protection, but still unable to make his monthly payment?
Loss Mitigation options should continue to be reviewed even under the protection of SCRA. In reference to the interest rate and some protection against foreclosure, it is to everyone's benefit to discuss these options with the homeowner to avoid extensive expenses. This may be a perfect opportunity to accept partial payments from the homeowner to prevent the delinquency from increasing at a fast pace.