ABA, Trade Associations Support Foreclosure Protection for Servicemembers

ABA and several other trade associations sent a joint letter to members of Congress yesterday supporting the extension of one-year foreclosure protection for military personnel leaving active duty through the end of 2016, at a minimum. The protection — enacted as part of the Servicemembers Civil Relief Act in 2012 — is set to expire at the end of this year. After that, servicemembers would only be protected from foreclosure for 90 days after leaving the military.

The associations said that the one-year protection has become “bedrock company policy” for many of their member companies, and that extending the protection would avoid industry confusion and benefit military customers and their families.