New Protections for Servicemembers Facing Foreclosure
On May 24, 2018 the President signed Public Law 115-174 extending protections to Servicemembers facing foreclosure. The attorneys at Golden & Cardona-Loya, LLP assist servicimembers in all aspects in dealing with their creditors.
The Servicemembers Civil Relief Act, 50 U.S.C. § 3953(c), provides protections from foreclosure for covered personnel where their residential mortgage loans were extended prior to their active duty. Originally this protection extended for only 90 days after the person left military service, but this period was extended to nine months and later to one year, but with a sunset at the end of 2017. Section 313 of Public Law No. 115-174 restores the one-year period and eliminates the sunset, making the one-year period permanent.
Information provided courtesy of National Consumer Law Center. https://library.nclc.org/congress-amends-eight-consumer-statutes