Tag Archives: Foreclosure Protection

This past week the United States Senate passed legislation designed to help protect military servicemembers, veterans, and their families from foreclosure. Sponsored by Sen. Sheldon Whitehouse (D-Rhode Island), the legislation was included as part of the larger banking regulation bill ...

Senator Sheldon Whitehouse has fought for years to protect the rights of servicemembers who are homeowners.

The revisions announced Friday allow for the deferral of due and payable status for reverse mortgages, hence protection from foreclosure, for certain eligible non-borrowing spouses upon the passing of the last surviving borrower for case numbers assigned prior to August 4, 2014. Last year, FHA's HECM policies were revised to include such protections for non-borrowing spouses on HECMs for case numbers assigned on or after August 4, 2014.

The bill, which Whitehouse introduced into the Senate on Thursday, April 30, would permanently extend foreclosure relief to servicemenbers provided by the Foreclosure Relief and Extension for Servicemembers Act of 2014, introduced by Whitehouse last May and signed into law by President Obama in December after unanimously passing in both the House and the Senate.

The U.S. Senate and the House of Representatives have both unanimously voted to pass a bill that give military servicemembers who have recently returned from duty added protection from foreclosure, according to an announcement from Senator Sheldon Whitehouse (D-Rhode Island), who introduced the bill in May.

The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.