Wednesday, October 22, 2008

Recent Changes to SCRA

There are a number of changes to the Servicemembers Civil Relief Act (SCRA) due to the passage of the Housing and Economic Recovery Act, Public Law 110-289

Note: These changes are set to expire on 1/1/2011 if not made permanent of otherwise extended by Congressional action.

Protection from Foreclosure

Servicemembers are protected from Sale/Foreclosure of a home until nine months
after return from overseas deployment (changed from 90 days of protection)

Stay of Proceedings Extended

Servicemembersw are granted an extended Stay of Proceedings in civil actions related to mortgages from 90 days to nine months after return from overseas deployment

Interest Rate Reduction Extends One Year for Mortgages

With respect to mortgages only, the 6 percent interest rate limitation for soldiers on deployment is extended to aply for up to 1 year after return from overseas deployment

For powerpoint slides on these point, see

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