WASHINGTON—The House Monday voted final passage of S. 2393, legislation that extends protection against foreclosure for military servicemembers through 2017. The bill is expected to be signed by the president.
Titled the “Foreclosure Relief and Extension for Servicemembers Act of 2015,” the bill, introduced by Sen Sheldon Whitehouse (D-RI) protects active duty servicemembers from foreclosure proceedings for one year after they leave service.
During this period, a court may stay proceedings to enforce an obligation on real or personal property owned by the servicemember prior to service. It also renders invalid any sale, foreclosure, or seizure of such property without a court order or waiver agreement signed by the service member.
NAFCU President and CEO Dan Berger welcomed the bill.
“We applaud Sen. Sheldon Whitehouse’s leadership in offering this bill and both the Senate and House for their passage of this critical measure,” said Berger. “This bill will help ensure that servicemembers are afforded vital protection and consideration during challenging financial times.”
This one-year period of protection will revert to nine months following expiration of S. 2393.