Under SCRA, a servicemember facing foreclosure on their primary residence can request a stay of proceedings for what maximum initial period?
Correct Answer
C) 90 days
Under SCRA Section 303, a court may stay foreclosure proceedings for a maximum of 90 days initially if the servicemember's ability to pay is materially affected by military service. Additional stays may be granted for up to 90 days each.
Why This Is the Correct Answer
Under SCRA Section 303, a court may stay foreclosure proceedings for a maximum of 90 days initially if the servicemember's ability to pay is materially affected by military service. Additional stays may be granted for up to 90 days each.
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A construction-to-permanent loan has an 18-month construction phase with interest-only payments, followed by a 30-year permanent phase with principal and interest payments. How does this loan relate to QM requirements?
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A creditor receives two appraisals for an HPML as required. The first appraisal shows $400,000 value, the second shows $380,000. The creditor wants to use the higher value for underwriting. What disclosure requirement applies?