House OKs longer foreclosure protection

House OKs longer foreclosure protection
By Rick Maze - Staff writer
Posted : Friday May 9, 2008 12:04:01 EDT

The Neighborhood Stabilization Act approved Thursday by the House of Representatives includes language giving service members one year of protection from foreclosure after release from active duty.

Because the financial protection applies to homes purchased before beginning active duty, the change to the Servicemembers’ Civil Relief Act, which now provides only 90 days of post-duty protection, would apply mostly to National Guard and reserve members mobilized in support of contingency operations.

“For many of our returning service members and veterans, the stress of deployment is still prevalent when they return home,” said Rep. Bob Filner, D-Calif., the House Veterans’ Affairs Committee chairman who sponsored the foreclosure provision.

A year of protection against foreclosure, sale or seizure of property provides “not only the necessary time to readjust, but will also ensure they have the opportunity to do this in the comfort and security of their own home,” he said.

He said a year would give time “to catch up on payments, make alternative arrangements with a lender, or in the worst-case scenario, sell their home.”


Rest of article at: http://www.armytimes.com/news/2008/05/military_foreclosure_protection_050908w/