Personal Financial Management Program (PFMP) staff should refer service members to an Armed Forces Legal Assistance office. A 2012 settlement agreement with the nation’s five largest mortgage servicers, announced by U.S. Attorney General Eric Holder, included substantial financial compensation to homeowners who are service members. Wells Fargo, Citigroup, and Ally were required to provide any service member who was a victim of a wrongful foreclosure a minimum payment of $116,785 plus lost equity and interest for violating the Servicemembers Civil Relief Act (SCRA). JP Morgan Chase will provide any service member victim of a wrongful foreclosure case either his or her home free and clear of any debt or the cash equivalent of the full value of the home at the time of sale.
Service members who believe that their SCRA rights have been violated should contact the nearest Armed Forces Legal Assistance office at legalassistance.law.af.mil/content/locator.php.
