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Military Members to Get Temporary Extension of Financial Protections

Effective February 2, 2013, military service members will have greater protection from foreclosure. Under the Servicemembers Civil Relief Act, active duty military personnel were protected from a foreclosure or repossession made during the military service or within 9 months thereafter.

This protection is being extended from 9 months to one year and will revert expire on December 31, 2014. Beginning January 1, 2015, the period of protection will be significantly reduced, more than the nine months that existed before.

Effective February 2, 2013:

  • a sale, foreclosure, or seizure of property based on a breach of such a secured obligation is not valid if made during the period of military service or within one year thereafter, unless it is made pursuant to a court order or a waiver by the servicemember; and
  • a court may, on its own motion, and shall, upon application by a servicemember whose ability to comply with the obligation is materially affected by military service, stay the proceedings or adjust the obligation to preserve the interests of all parties at any time during the period of military service or within one year thereafter.

Military Members to Get Temporary Extension of Financial Protections
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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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