April 5, 2016
by Jienelle R. Alvarado
Trott Law, P.C. – USFN Member (Michigan)
On March 21, 2016 the Foreclosure Relief and Extension for Servicemembers Act of 2015 (the Act) was passed by Congress, and the bill is awaiting the President’s signature. The Act amends the Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 by extending the time period in the provision of the Servicemembers Civil Relief Act (SCRA) that grants safeguards to active duty servicemembers against foreclosure.
Specifically, the protections provided by 50 U.S.C. § 3953 (previously cited as 50 U.S.C. Appx § 533) will be extended for one year following the completion of the servicemember’s military service. The one-year protection under § 3953 of the SCRA will continue through December 31, 2017. Absent further amendments, the extended time period under § 3953 of the SCRA will revert back to the prior version on January 1, 2018.
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