04 feb covers standard bank and home loan servicer reactions when a servicemember provides notice of the PCS
Active duty military personnel make permanent modification of section (PCS) moves about every two to four years.
53 A PCS could be the formal moving of an energetic responsibility military solution user along side any household members residing with her or him to a new responsibility location, such as for example a armed forces base. For army home owners, PCS orders which can be nonnegotiable and run under short timelines current challenges that are unique. Despite these challenges, army home owners with PCS orders stay accountable for honoring their bills, including their mortgages.
In June 2012, the Board, customer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and workplace for the Comptroller regarding the Currency, issued guidance to handle mortgage servicing methods that will pose dangers to army property owners with PCS orders.