The Servicemembers Civil Relief Act (SCRA), originally called the Soldiers and Sailors Civil Relief Act (SCRA), was enacted in 1940 to provide protection for members of the armed forces while serving our country. It requires lenders to provide forbearance and the reduction of interest rates with respect to certain obligations of military members, as well as restricting the entry of default judgments or evictions against them and their dependents.
Title insurance is an indemnification contract, like many other types of insurance. Just as a life insurance policy does not ensure you will live forever, a title insurance policy does not guarantee that your title is valid, but merely provides the insured with compensation to offset the loss sustained as a result of title not being as insured.
Most people buying houses today have only a vague idea of how the process really works. They know that the contract will be contingent upon their mortgage approval, and that if they fail to obtain a mortgage commitment, their contract deposit will be refunded.