By, Gina Ellis
In a previous blog post titled Compliance Conundrums posted on January 18, we discussed several challenging conundrums faced by compliance officers today.
We’re excited to announce we’ve resolved a conundrum! Any guesses to which one? If you guessed the Servicemembers Civil Relief Act conundrum created by the expiration of the one year foreclosure protection period for servicemembers on December 31, 2015, then you are correct!
President Obama signed the “Foreclosure Relief and Extension of Servicemembers Act of 2015” on March 31, 2016. This law renews the part of the Servicemembers Civil Relief Act that provides one-year foreclosure protection for military personnel leaving active duty through 2017. Service members will continue to be protected from foreclosure for one year following the end of their service. The extended protection period is effective March 31, 2016 and will be retroactive to January 1, 2016.
Please take a few minutes to review your SCRA delinquency notice to make sure it reflects the one year protection period. The notice is available from the U.S. Department of Housing and Urban Development (HUD) website. http://portal.hud.gov/hudportal/documents/huddoc?id=92070.pdf
Questions? That’s what we’re here for. Contact ABS today at (405) 607-7000.