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SCRA Foreclosure Ban Falls Back to 90 Days Instead of One Year
Thursday, January 21, 2016 6:45 AM

The Servicemembers Civil Relief Act’s (SCRA) one-year period of protection against foreclosures for returning servicemembers expired on Dec. 31, 2015. Although efforts are under way to reverse the lapse, no legislation has yet to make its way to the president’s desk for a signature. Without the extension, SCRA foreclosure protection reverts to 90 days instead of one year.

No legislation is currently pending to extend the provision to one year again.

The Senate unanimously passed the Foreclosure Relief and Extension for Servicemembers Act of 2015 (S. 2393) last December, which would extend the one-year period through Dec. 31, 2017. The House has also considered the Servicemember Foreclosure Protections Extension Act of 2015 (H.R. 189) and the Foreclosure Relief and Extension for Servicemembers Act of 2015 (H.R. 4252).

H.R. 189 passed the Committee on Veterans’ Affairs in February 2015, and H.R. 4252 was referred to the House Veterans’ Affairs subcommittee on economic opportunity in December 2015.

Credit Union National Association’s CompBlog examined this issue in a post Wednesday and provided information about credit unions’ need to update Department of Housing and Urban Development SCRA notices.