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Senate Extends Foreclosure Protection for Military; House Approval still Required

by devteam December 13th, 2014 | Share

Amid the wrangling over thernbudget and the CIA report the Senate did manage to extend some extrarnforeclosure protections for military service members who have recently returnedrnfrom active duty.  In a unanimous voicernvote on Thursday the Senate passed S2404 which makes permanent a portion of thernServicemembers’ Civil Relief Act (SCRA) which would have expired at the end ofrnthis month.</p

The extensions, originallyrnincorporated into the act in 2008, forbids banks from foreclosing on a memberrnof the military for a period after that member returns from active duty as longrnas the subject mortgage was taken out prior to active duty.  The original period of nine months was<blengthened to a full year in 2012 under a bill introduced by Senator Sheldon Whitehousern(D-RI).  It was that action that was setrnto expire at the end of this December returning the period of protection to thernpre-2008 level of only 90 days.</p

The longer period of protectionrnhad been sought be reservists and National Guard memberships who, when calledrnup during the Iraq War, often had to give up full-time jobs to honor their muchrnlower-paid military commitments.  </p

The SCRA also contains protectionsrnagainst some evictions and repossessions of autos and other personal propertyrnwhile a service member is on active duty.</p

The House of Representatives hasrnyet to act on the bill or on companion legislation (H5730 and H5731) introducedrnin the House.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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