In an effort to provide even more financial safety and soundness to members of the armed forces and their families, a group of senators recently introduced a bill to further extend the mortgage protection they receive.
The bill, spearheaded by Senator Jack Reed and backed by an additional four senators, is separate from the recent military spending bill recently passed and works to give military mortgage borrowers even more protection.
"Doing so would further ensure that a servicemember promptly receives the protections under the Servicemembers Civil Relief Act and has more time to get his or her affairs in order prior to deployment," a statement from Senator Reed's office said.
Specifically, the bill proposes an extension of the timeline military borrowers have if they enter the foreclosure process. If changed, this timeline will be extended from the current nine months to a 12-month period for both members of the armed forces and surviving spouses who have not remarried.
Additionally, only some states currently allow servicemembers to terminate a rental lease if there is a sudden change to their living conditions, such as a deployment. The new bill proposes to extend this option from only a handful of areas to all 50 states.