Although members of the armed forces already have a high level of mortgage protection under the Servicemembers Civil Relief Act, recent legislation proposed to Congress give even more safety and soundness to military members and their families.
The proposed legislation, spearheaded by Representatives Elijah Cummings, Bob Filner and Adam Smith, would be part of the defense spending bill and will be considered by the House later this week. Specifically, the legislation hopes to expand the protections currently in place to even more individuals.
"Our troops fighting overseas in Iraq or Afghanistan should not have to fight here at home just to keep a roof over the heads of their loved ones," Cummings said. "This bill will expand current law to protect more of our brave men and women in uniform from losing their homes while they protect our freedoms abroad."
Some of the additional individual to be included are surviving spouses of servicemembers killed overseas, as well as those supporting contingency operations, such as those assisting in national emergencies. In addition, members of the armed services who are disabled at their time of discharge are also included.
Meanwhile, under current legislation, if a military homeowner is facing foreclosure, it must be delayed by 90 days, to give them an opportunity to oppose the ruling. However, the new bill proposes this 90-day period be extended to 12 months.