Tuesday, 28 June 2022 | The Latest Buzz for the Appraisal Industry

Senate Extends Foreclosure Protection for Military; House Approval still Required

By Jann Swanson

Posted To: MND NewsWire

Amid the wrangling over the budget and the CIA report the Senate did manage to extend some extra foreclosure protections for military service members who have recently returned from active duty. In a unanimous voice vote on Thursday the Senate passed S2404 which makes permanent a portion of the Servicemembers’ Civil Relief Act (SCRA) which would have expired at the end of this month. The extensions, originally incorporated into the act in 2008, forbids banks from foreclosing on a member of the military for a period after that member returns from active duty as long as the subject mortgage was taken out prior to active duty. The original period of nine months was lengthened to a full year in 2012 under a bill introduced by Senator Sheldon Whitehouse (D-RI). It was that action that was set to…(read more)

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