Call Michael Thomas (619) 286-9400
  • Home
  • Short Sale FAQ’s
  • Taxation
  • Short Sale Approvals
  • News
  • Apply NOW
Home > Securing Foreclosure Protections for Veterans

Securing Foreclosure Protections for Veterans

March 19, 2018 by mthomas Leave a Comment

This past week the United States Senate passed legislation designed to help protect military servicemembers, veterans, and their families from foreclosure. Sponsored by Sen. Sheldon Whitehouse (D-Rhode Island), the legislation was included as part of the larger banking regulation bill passed by the Senate and makes permanent a one-year foreclosure grace period for service members leaving active duty.
“Those who serve our country ought to be given a fair chance to get their financial affairs in order when they return home,” Whitehouse said. “That’s why I’ve fought for years to extend and make permanent important foreclosure protection for servicemembers and veterans. I’m proud my bill to help recognize the noble work of our men and women in uniform is one step closer to the finish line.”
Following a report by the Commission on the National Guard and Reserves, Congress first extended the period of foreclosure protection from 90 days to nine months in 2008, working under the auspices of the Servicemembers Civil Relief Act. According to that report, “the threat of foreclosure is a stressor that need not be placed on members of the armed forces during the first months of their return to civilian life.”
The foreclosure grace period for servicemembers was extended to one year beginning in 2012, but it was initially instituted as a temporary measure. The grace period was set to expire in 2019, but Sen. Whitehouse had been working to pass legislation that would upgrade it to permanent status for several years.
Erik Wallin, Executive Director of Operation Stand Down Rhode Island, said, “Senator Whitehouse’s bill is particularly important in Rhode Island because we have one of the most deployed National Guard forces in the country. This bill provides servicemen and women with the relief they need as they transition from periods of active duty back into civilian life.”

DSNews

Filed Under: Real Estate News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Market Reports
  • Real Estate News

Client Testimonials

"Michael has represented us three times. He initially helped us with a purchase about 2.5 years ago. He recently helped us with obtaining top dollar on... continued"
- Tonia M.
View All

Short Sale Specialist

Apply Now For a Free Consultation
Apply Now

Michael Thomas

Michael Thomas is one of the leading real estate brokers in San Diego, California. He is endorsed by the National Association of Realtors as a Seller Representative Specialist, Accredited Buyer Representative, as well as Short Sale & Foreclosure Certified. As a lifelong resident of San Diego with a Master’s Degree in Business Administration, he’s uniquely qualified to help San Diegans achieve their real estate goals.

DRE# 01396530 NMLS# 349714

Meet Michael

California Lending & Realty

3940 Hancock Street, Suite 109
San Diego, CA 92110

(619) 286-9400
Contact Michael

Accessibility Notice  •  California Lending & Realty is a division of California Lending Company Inc.
CA DRE #01400067   •   NMLS #235745   •   sitemap   •   admin   •   ©2025 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com