[DON WEDE]

DON WEDE

Dear Jack, Jackie and everyone:

I received a call today from a man who’s daughter has a house for sale. She is in Germany in the service and will be stationed there for two more years. The father has been taking care of the house for the last year for his daughter. He will be leaving the state in two weeks and moving to Oklahoma.

The house was purchased a little over a year ago from her grandfather. She owes roughly 50K on a first note and mortgage. The home appraised a year ago for 95K. The father does not know the terms on the financing but will have his daughter call me this weekend to give me this information.

My question:

What is the “Soldier and Salior Relief Act”. Where can I find information on this act? How do I get some sighned up to take advantage of this act? If the property in question is rented does this void the acts exception?

The Reason I pose these questions is that I may include it’s use in an offer.

Offer Idea # 1

Buy the house subject too the 1st. Put the equity on the side to be paid with any cash flow that may exsist. Or put it on the side to be paid at a future date.

Offer Idea # 2

Lease the property with an option to buy. Have the daughter sign up for the Soldier and Sailor Relief Act. Have my lease payments being $0.00 or a low dollar amount that the lessor will net. Of course my option will be structured to capture any loan pay down if the act can not be used. I may also pose an offer were at the end of the lease and otion period I may purchase subject too the 1st.

Any Information I would be thankfull for.

Don Wede

[Anonymous]

Anonymous

Hi don,

I found this links with information about the Soldiers and Sailors Relief Act:

http://www.defenselink.mil/specials/Relief_Act_Revision/

http://usmilitary.about.com/od/sscra/l/blsscra.htm

[DON WEDE]

DON WEDE

Thanks Jackie

I found the same site yesterday myself. I had thought that the act provided for a moratorium on payments while in active duty. I see that it provides:

1. A interest rate cap of 6% on some debt including mortgages.

2. Reduced interest on credit card debt

3. Protection from eviction if rent is $1,200 or less

4. Delay of all civil court action, such as bankruptcy, foreclosure or divorce proceedings.

Not the information that I thought or was hoping for, but interesting non the less.

Thanks again Jackie.

Don Wede