Military servicemembers protected from foreclosure
By Academy Mortgage Corp.
The passage of the Foreclosure Relief and Extension for Servicemembers Act by Congress is commendable for many reasons. Primarily, the bill extends protection for military members of uniformed services temporarily against foreclosure and eviction.
Many support the passage of the bill. Professionals in the lending industry responded positively to the final decision.
"Our industry is committed to helping members of the military stay in their homes and we are grateful Congress has renewed this vital homeownership tool," said David Stevens, the president and CEO of the MBA.
He also added that he supported the decision to provide men and women serving the country with comfort of knowing they will not lose their homes while adjusting to civilian life.
"Extending the one-year protection from foreclosure for another two-years allows service members and military families sufficient time to get on their feet financially and to avoid the stress of potentially losing their home as they manage their finances in a post-active military life," said John Dalton, President of the Housing Policy Council, according to a press release.
Dalton also extended gratitude to the senators, House leadership and chairman who took action to ensure this legislation took hold. He also thanked the men and women who serve in the armed forces.
For those in the military who want to apply a for a U.S. home mortgage or currently own property, this is especially welcome news.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.