WASHINGTON (3/23/16)--A bill that renews extended foreclosure protections for servicemembers has been approved by both houses of Congress, and is headed to the president’s desk to be signed into law. The Foreclosure Relief and Extension for Servicemembers Act (S. 2393) was passed by the Senate in December 2015, and by the House this week.
The Servicemember Civil Relief Act requires a creditor to obtain a court order approving the sale, foreclosure, or seizure of real estate if it occurs during the servicemember’s military service, or within 90 days after military service ends.
The 90-day period was temporarily increased to nine months, and then one year by a series of passed bills in 2009, 2010 and 2014. The one-year protection expired Dec. 31, 2015, but will be extended to Dec. 31, 2017, pending President Barack Obama’s signature on S. 2393.
The Credit Union National Association’s CompBlog examined this issue in January.