Military Foreclosure Protection Bill Passes
On March 21, 2016, the U.S. House of Representatives passed S. 2393, the “Foreclosure Relief and Extension for Servicemembers Act of 2015,” which extends the one-year protection from foreclosure in the Servicemembers Civil Relief Act (SCRA) through 2017. The Senate passed S. 2393 in 2015 and the legislation is expected to be signed by the President.
The Servicemembers Civil Relief Act (SCRA) is intended to help those men and women who have answered their nation’s call by providing certain financial protections, including foreclosure protection, to members of the military that have incurred debt prior to their active service.
NAR recently signed onto a coalition letter to Speaker Ryan and Minority Leader Pelosi strongly supporting House passage of S. 2393. Earlier this month, NAR was joined by eight other financial services trade associations in encouraging Congress to pass an extension of the one-year foreclosure protection as soon as possible.