Association of Military Banks of America

House Passes S. 2393 Providing Extended Mortgage Relief for Servicemembers

US_CapitolOn Monday, March 21, 2016 the U.S. House of Representatives passed S. 2393, the Foreclosure Relief and Extension for Servicemembers Act of 2015.  This legislation will extend the one-year protection for an additional two-years to ensure that servicemembers and their families have adequate time to transition into civilian life.

AMBA, along with many of it’s partners endorsed the legislation extending the protection of the SCRA.  See excerpt below from the letter sent to ranking members.

Congress extended the foreclosure protection to one-year to allow 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. Some service members, particularly those leaving active-duty and re-acclimating to civilian life, continue to face real financial challenges. These very real challenges in transitioning from active-duty service to civilian life remain today. Additionally, slow recoveries in real-estate markets in some areas of the country, particularly in areas surrounding military bases, continue and make it difficult for military members to sell their homes or purchase new homes upon receiving new orders resulting from a Permanent Change of Station (PCS). The spring PCS season will peak in April through May, 2016.” read more…

Links to articles on this legislation

Financial Services Roundtable:

The Suburban Times: