Soldiers Receive More Foreclosure Protections From Lawmakers
When a soldier goes off to active duty, they have to wonder if there will be a home to return to because they are unable to pay for the mortgage. Understanding the needs of every soldier, laws have been passed to stop foreclosures on a soldier’s home if they purchased the property before being called for duty. Are there protections for soldiers who may buy a home after they start active duty?
Lawmakers Draft New Bill to Fight against Foreclosure for Soldiers
Lawmakers understand that soldiers go through extreme dangers and hostile conditions to protect this nation, only to return and find they no longer have a home to live in. Representatives have introduced a new bill to help all service members no matter when they purchase a home.
The Military Home Protection Act is an extension to the service members Civil Relief Act as this new bill will extend foreclosure protections to soldiers if they are receiving imminent danger or hostile fire pay. The new bill will also protect soldiers from foreclosure actions against them for 12 months if they are medically discharged or are on convalescent status.
In addition to stopping foreclosure actions, it will also prevent banks from discriminating against soldiers, will impose penalties against any bank that commits a mortgage-related violation and also will allow soldiers, who must relocate, options to receive mortgage financing.
For more information about foreclosure laws for soldiers and other real estate news, please contact Barry (925-890-2315) or Brenda (925-890-9901) of the Zwahlen Real Estate Team