Aug. 24, 2012 – Post-service mortgage protections for military servicemembers are extended in measures signed into law earlier this month by President Obama.
The legislation, H.R. 1627, is titled Honoring America’s Veterans and Caring for Camp Lejeune Families Act. It revises the Servicemembers Civil Relief Act to continue protections against foreclosures and allowing for a stay of court proceedings for nine months after service. This provision was due to expire at year-end, but the new law, signed Aug. 6, extends the measure through 2014. The legislation also increases the protection period from nine months to one year.
Still pending action is the Senate’s defense authorization package, which would permanently increase the period for post-service protections to one year. The House passed its defense measure in June. NAFCU lobbyists are keeping in contact with lawmakers on the bill’s progress.