New Bill Extends Foreclosure Protection to Military Members
Washington, D.C. 6/25/2012 08:42 PM GMT (WooEB)
As a consequence of high unemployment, many of our nation’s military members are also facing high foreclosure rates. A new bill introduced to the Senate would extend protections to members of our military and prevent banks from foreclosing on their homes while on deployment.
The bill, the Military Home Protection Act of 2012, introduced by West Virginia Senator Jay Rockefeller (D), would provide foreclosure relief to military members, require a 12 month stay of foreclosure proceedings, increase civil penalties for mortgage servicers and expand compliance with the Service members Civil Relief Act.
The Rockefeller bill would prevent a bank or mortgage company from seizing a military member's home while they are on deployment or have recently returned from active duty. Because it takes immediate action on behalf of a homeowner and a foreclosure attorney to challenge a foreclosure or obtain a mortgage modification, numerous members of the armed forces have wrongfully lost their homes while deployed.
A 2011 investigation revealed that numerous mortgage servicers illegally foreclosed on military homes and charged them interest rates which exceeded the maximum amount legally allowed.
The new bill came after advocates and military members appeared before Senate Commerce Committee, which Rockefeller chairs, to relay their stories of foreclosure abuse and ask for more protection.
The possibility of losing a home is frightening and people often feel they have no recourse, but they do. A foreclosure lawyer can offer the troubled homeowner alternatives to foreclosure such as a loan modification, short sale and even a personal bankruptcy.
Taking swift action by hiring a foreclosure attorney can help an individual keep sty on the homes they worked hard to purchase.
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