The House of Representatives passed S. 2393 yesterday to extend the one-year protection from foreclosure in the Servicemembers Civil Relief Act.
The Senate already signed the bill in 2015, and will extend relief to veterans through 2017.
“Extending the one-year protection from foreclosure for another two-years allows service members and military families sufficient time to get on their feet financially and to avoid the stress of potentially losing their home as they manage their finances in a post-active military life,” said Housing Policy Council President John Dalton.
“I want to thank Senators Isakson, Blumenthal and Whitehouse, along with Chairman Jeff Miller and House Leadership for taking action on this important issue for our men and women in uniform,” he said.
Created to help men and women in the military, the Servicemembers Civil Relief Act provides financial protections such as foreclosure protection for those who incurred debt prior to their active service.
Earlier this month, the Financial Services Roundtable was joined by eight other financial services trade associations in encouraging Congress to pass an extension of the one-year foreclosure protection as soon as possible.