Bill protecting service members from foreclosure gains traction

Congress Passes Whitehouse Bill to Protect Servicemembers from Foreclosure. Washington, DC – The House and Senate have both unanimously approved legislation by U.S. Senator Sheldon Whitehouse (D-RI) to protect servicemembers from foreclosure. The measure will extend until January 2016 a provision that ensures troops who serve active duty are protected against losing their home for one year following the completion of their service in the field.

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The U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners from the current 90-day period to a one-year period beginning in January 2018.. The bill is a House companion to S.2392, which passed the Senate in December.

First of all, if you or your spouse is an active duty member or a veteran of the U.S. Armed Forces, we’d like to thank you for your service to our country. You have sacrificed greatly to protect our interests, and we want you to have the information necessary to protecting your interests as a homeowner.

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The bill also renders invalid any sale, foreclosure, or seizure of personal property the service member owned prior to service without a court order or waiver the service member has signed.

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Mortgage and Foreclosure; Lenders in most cases can’t foreclose upon or take a property because of mortgage debt while service members are on active duty and for up to nine months after discharge. The SCRA also provides caps interest rates at 6 percent for active duty service members and their families, no matter the loan type.

Foreclosures on People Who Never Missed a Payment Washington Legislative Week in Review. House Bill 1327 passed the House on Saturday, February 26 by a vote of 85-12 with 1 excused. It is now expected that the bill will be referred to the Senate Financial Institutions, Housing & Insurance Committee where Association staff will work to get it scheduled for a hearing.