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SCRA Provision Receives Extension

A specific provision in the Servicemembers Civil Relief Act (SCRA) was amended to extend protections for military members with mortgage obligations, the ""Office of the Comptroller of the Currency"":http://occ.gov/ (OCC) announced.

The provision, or section 303 of the SCRA, only applies to mortgages secured before a servicemember's military services.

According to the announcement, starting February 2, 2013, a sale, foreclosure, or seizure of a property belonging to a servicemember will not be valid if done during an individual's military service or within one year after service. However, a sale, foreclosure, or seizure of a property can be valid if done with a court order or waiver.

The extension ends December 31, 2014. At the end of the extension, the period of protection for servicemembers will be 90 days.

About Author: Esther Cho


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