In 2008, Congress passed legislation which extended the
protection from foreclosure actions for active duty servicemembers
up to 9 months after the end of the period of military
service. In 2012, Congress extended that time to 12 months
after the end of the military service. When the prior
legislation expired at the end of 2015 the protection for
servicemembers reverted to a period of 90 days after the end of the
military service period.
The law as currently adopted extends the protection for 12 months
after the end of the military service period. In addition,
the sunset provision of the act is now extended through December
31, 2017. The act as retroactive to January 1, 2016.
The law applies to obligations of servicemembers secured by a mortgage, trust deed or other security in the nature of a mortgage on real or personal property which originated before the period of military service for which the servicemember is still obligated.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
