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#1733334 - 08/21/12 06:10 PM Extended Period of Protection?
Soccer Offline
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Congress extended the period of protection from foreclosure from 9 months to 12 months?? and also extended the sunset on these provisions until 12-31-14??
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#1733377 - 08/21/12 07:05 PM Re: Extended Period of Protection? Soccer
John Burnett Offline
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Yes. You'll see that we have SCRA sections 533(b) and (c) annotated to that effect, in ABC Soup.
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#1733379 - 08/21/12 07:10 PM Re: Extended Period of Protection? John Burnett
ItsJustMe Offline
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Wait a minute...I heard that the extension to 12 months was in the "bill" stage....I had not heard that it is final and required?

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#1733748 - 08/22/12 04:58 PM Re: Extended Period of Protection? Soccer
Andy_Z Offline
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PL 112-154
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#1734485 - 08/23/12 07:57 PM Re: Extended Period of Protection? ItsJustMe
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#1734995 - 08/24/12 07:39 PM Re: Extended Period of Protection? Soccer
RVFlyboy Offline
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Note that the 12 months replacing 9 months doesn't technically go into effect until 2/2/2013, although from a PR standpoint, I can't imagine anyone that wouldn't go ahead and make the change to their procedures as soon as possible.
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#1735071 - 08/24/12 08:49 PM Re: Extended Period of Protection? Soccer
Andy_Z Offline
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I agree, Jim. I'm guessing that the 180 days was necessary because of the law change as this was part of a bigger package. There is a gap, but a bank would have to be a "reputational risk fool" to use it.
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#1737246 - 08/31/12 04:27 PM Re: Extended Period of Protection? Soccer
Compliance504 Offline
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Question....this will change wording in the HUD notice....the 9 months will need to be replaced by 1 year....can we do that if we make changes sooner than 2/2/13? Do we need to wait for HUD to update it's notice?

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#1738718 - 09/06/12 11:11 PM Re: Extended Period of Protection? Soccer
Andy_Z Offline
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Ha.

I won't hold my breath that HUD will update the notice in a timely manner.

I wouldn't change the form until the law is effective. But personally I would change it even without HUD's approval if they remain silent on the issue as the change date nears.
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