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United States : Whitehouse Legislation to Protect Servicemembers and Veterans From Foreclosure Clears Senate.

Senator Sheldon Whitehouses (D-RI) bill to extend vital foreclosure protection to servicemembers and their families passed the Senate today as part of the fiscal year 2018 defense authorization bill. Whitehouses legislation would extend through 2019 the one-year grace period protecting servicemembers leaving active duty from foreclosure.

The men and women of our armed forces serve our country nobly. When they return home, they should have time to adjust to civilian life and find their financial footing, said Whitehouse. Thats why Im proud weve passed my legislation to extend these vital foreclosure protections for servicemembers and veterans.

Senator Whitehouse has been fighting for years to ensure that those who have served our country and their families are protected from foreclosure as they transition from active-duty service to civilian life. In 2012, Whitehouse fought successfully to extend the period of foreclosure protection to one year. Since then, Whitehouse has succeeded in continuing that protection on a temporary basis, while fighting to make it permanent. The 2016 extension of these protections expires at the end of 2017.

In 2008, Congress first extended the period of foreclosure protection under the Servicemembers Civil Relief Act from 90 days to nine months in response to a report by the Commission on the National Guard and Reserves. The report found that the threat of foreclosure is a stressor that need not be placed on members of the armed forces during the first months of their return to civilian life.

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Publication:Mena Report
Date:Sep 21, 2017
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