Senator Seeks to Permanently Extend Foreclosure Protection for Servicemembers
On May 5, DS News released an article discussing U.S. Senator Sheldon Whitehouse’s (D-Rhode Island) announcement of a bill that aims to permanently extend benefits provided by the Foreclosure Relief and Extension for Servicemembers Act.
Senator Seeks to Permanently Extend Foreclosure Protection for Servicemembers
U.S. Senator Sheldon Whitehouse (D-Rhode Island) has announced legislation that would permanently protect servicemembers and their families from losing their homes to foreclosure, according to a release on Whitehouse’s website.
Whitehouse announced the legislation at the 8th Annual Veterans Breakfast and Resource Fair at the Rhode Island National Guard Armory. Attendees at the breakfast included representatives from federal and state agencies, employers, and veteran service organizations to assist veterans with information, employment opportunities, and other services.
“I look forward to this breakfast every year,” Whitehouse said. “It’s an opportunity to talk with Rhode Island veterans and their families about the issues they face, and provide an update on my work to ensure that veterans get the benefits, care, and fair treatment they’ve earned. This year I was also proud to announce the introduction of the Foreclosure Relief and Extension for Servicemembers Act. After fighting for our country overseas, our troops shouldn’t have to fight to keep a roof over their heads when they return home, and this bill will help.”
The bill, which Whitehouse introduced into the Senate on Thursday, April 30, would permanently extend foreclosure relief to servicemenbers provided by the Foreclosure Relief and Extension for Servicemembers Act of 2014, introduced by Whitehouse last May and signed into law by President Obama in December after unanimously passing in both the House and the Senate.
Whitehouse has fought for years to protect the rights of servicemembers who are homeowners. Last year’s bill extended until January 1, 2016, a provision that sets one year as the time a servicemember’s house is protected from foreclosure upon his or her return from active duty, if the mortgage was obtained before the servicemember was an active member of the military. The Commission on the National Guard and Reserves had submitted a report that prompted the foreclosure protection extension from 90 days to nine months in 2008. The period was extended to nine months as part of the Servicemembers’ Civil Relief Act (SCRA) in 2008 and lengthened further to one year in 2012 as part of a bill introduced by Whitehouse.
But while last year’s bill extended the foreclosure protections until January 1, 2016, the bill introduced by Whitehouse last week would permanently extend those protections.
“Servicemembers coming back from active duty often need time to regain their financial footing, particularly those in the National Guard and Reserves who give up their full-time jobs to fight for our freedom,” Whitehouse said. “To honor their service and grant them peace of mind, we need to provide sensible, permanent foreclosure protection for our veterans.”
Please click here to view the article online.
About Safeguard
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.
