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November 24, 2014

HUD to renew SCRA mortgage disclosure form

Post-service mortgage protections for military servicemembers – as detailed in a mortgage disclosure form that is being renewed, at least temporarily – are due to expire at year-end unless Congress passes an extension.

The Honoring America's Veterans and Caring for Camp Lejeune Families Act, last revised in 2012, protects servicemembers from foreclosure on their homes for one year after they leave service. The protection is augmented by a required disclosure to servicemembers that details their legal rights and protections.

That form, HUD-92070 from the Department of Housing and Urban Development, is currently scheduled to expire Sunday, but HUD says it's planning to renew it through year-end.

Servicemembers have numerous credit protections under SCRA. With respect to foreclosure, the HUD form points out that "the sale, foreclosure, or seizure of real estate shall not be valid if it occurs during, or within one year after the servicemember's military service unless the creditor has obtained a valid court order…"