NAFCU statement on house passage of S.2393, Foreclosure Relief and Extension for Servicemembers Act of 2015
WASHINGTON, DC (March 22, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to S. 2393 , the “Foreclosure Relief and Extension for Servicemembers Act of 2015,” which extends servicemember foreclosure relief through 2017.
“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.”
The bill, introduced by Sen Sheldon Whitehouse, D-R.I., ensures foreclosure relief for active duty servicemembers for one year after they leave service. This is extended through 2017.
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.
This one-year period of protection will revert to nine months following expiration of the measure.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.