Did I miss it or does anyone know if an extension is in the works for renewing the extension of protection from sale, foreclosure, etc. to one year from military service from 90 days? I believe it is set to expire December 31, 2015.

The 12/31/2015 sunset on that provision is still 12/31/2015. Congress hasn't managed to get around to a lot of things, and extending that date is still nothing more than a pipe dream.

Thanks John!

HR189 was just introduced in the House on 12/1 to extend the foreclosure protection for another year. We'll have to see if this bill moves ahead.

Thank you. How do I follow the progress of that?

Go to thomas.loc.gov

Make sure the bill number radio button is selected and key hr189 into the search box.

You'll get a status report. The last action reported was on 12/1, when the bill was reported out by the Committee on Veterans' Affairs, and it was placed on the Union Calendar (that's a procedural step before it moves on, if it does).

The text of the bill is also available there. The current version would "kick the can down the road" by delaying the sunset of the one year wording until the end of 2016.

Thank you so much!

I see that a different bill was approved by the Senate on 12/10/15. It is S. 2293. It looks like this would extend the 1 year foreclosure protection until 12/31/17. The bill was sent to the House on 12/11/15.

Doesn't look like S. 2393 has made any progress.

https://www.gpo.gov/fdsys/search/pagedetails.action?packageId=BILLS-114s2393es

HR 4252 was introduced on 12/15/15 and no further action was taken. Congress is in recess so it looks like the foreclosure protection period reverts to 90 days post active duty. Are you changing your SCRA notice to reflect this after 12/31/15?

On December 31, 2015 does the foreclosure protection revert back to 9 months or 90-days after active duty?

Assuming that Congress doesn't once again do a retroactive extension of the section 2203 HERA amendments, my detailed read tells me it will revert to 90 days.

Are most of you going to just leave the notice at one year...or change it to 90 days....I'm thinking just leave it at one year...

If nothing passes, and you leave it at one year, wouldn't t you be giving a servicemember incorrect information regarding their rights?

That's my concern, too. The problem, of course, is we don't know what -- if anything -- Congress is going to do on this question or when it might act. I had half hoped we'd see something tucked away in the FAST Act or the big Appropriations Act, but it was not to be.

Do you have any new news regarding this reverting back to 90 days?

This is what is on the HUD website.

The one year after military service legal protection period is effective through December 31, 2015 under provisions of “The Foreclosure Relief and Extension for Servicemembers Act of 2014” enacted on December 18, 2014 (Public Law 113-286). If this SCRA provision is not amended or revised, the legal protection period will revert to 90 days after military service effective January 1, 2016.

Congress does have a bill in the mill that might get passed and make the change retroactive. Anyone's guess. After Congress actually did its job and compromised to pass the FAST Act and the huge appropriations bill, it would be wonderful to think they might be able to again compromise to get this done.

Or maybe they have exhausted their ability to compromise, and we'll see this pass into oblivion.

So, if they want to make this retroactive, would the law have to pass within 90 days of the expiration date?

So, we'll change our notice to 90 days, order stock with the new wording and then, in a month or so, Congress will make it retroactive and we'll have to order new stock again. All in an effort to remain compliant.

When I pull up the SCRA notice on HUD's website, it remains at 1 year with an expiration date of 12/31/17. Are we to assume this is the correct one to use?

It is no longer the law. How you choose to handle the notice is really up to you.

Is there nothing new on this? Should we change everything to read 90 days now? Thanks in advance.

It's only been a month, and Congress hasn't been in session for much of it. Technically, you could go ahead and operate under the old 90-day rule. Just don't be surprised if the law gets the Lazarus treatment, with another extension, retroactive to 12/31/15

I am working on updating policies and procedures, so I will wait a bit. The form though does state 1 year. I am with you, I believe they will extend it, just not in a timely fashion. Thanks John.

For whatever it's worth, I have gone into the BOL Regulations pages for the SCRA and hidden the editor's notes about the replacement of 90 days and 9 months and all that and put the regulation back to the old 90-day version. If Congress gets back from the distractions of the lunatic election campaign and decides to reinstate the temporary rules, I can easily "unhide" the text and make it one year -- or seven months and 23 days, if Congress is so moved -- again.

Thanks John. I love the lack of government during election campaigns.

Without trying to get into politics, there are a few times you want government to be there, governing. And there are times when you wish they weren't.

Very true. Thanks again!

Also - see this post:

https://www.bankersonline.com/forum/ubbthreads.php/topics/2062010/SCRA_notice#Post2062010

Did the extension of the interest rate reduction also revert back to 90 days after the end of military service?

No. That change was made by section 2203(b) of the Housing and Economic Recovery Act of 2008, and there's no sunset date on it.

After doing more research after I posted my question, I read a footnote in the FDIC Compliance Exam Manual that states, "The extension of the interest rate reduction for mortgages for an additional one-year period after the end of military service was added by section 2203(b) of Housing and Economic Recovery Act of 2008 (HERA), which was signed into law on July 30, 2008. Although these additional protections were scheduled to expire, Congress has repeatedly extended them (most recently on Dec. 18, 2014). Unless further extended, these additional protections will expire on December 31, 2015."

So then I researched SCRA prior to HERA & found that the reduction of the interest rate only applied for actual periods of active duty.

So now I'm confused, do we leave the 1 year extension or does it revert back to only during the time of active duty?

Our LOS system which prints out the SCRA notice for us has changed the foreclosure section of the SCRA notice back to 90 days awaiting the gov't doing something. However we have seen that they have also changed the prior section.......

What Legal Protections are Servicemembers Entitled to Under the SCRA?
The SCRA states that a debt incurred by a servicemember, or servicemember and spouse jointly, prior to entering military service shall not bear interest at a rate above 6% during the period of military service [i][color:#FF0000]and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage, or obligation or liability.
The part of this section in red and italicized has been removed along with the change back to 90 days. Is this correct?

since my computer wont italicize or color my entry right.....the part taken out starts at "and one year thereafter......" all the way to the end of the sentence.

I would assume so as it has not been extended. I am working on updating policies and I was hoping it would be done by now.

Yes, I too am thinking of giving up on Congress and making the changes.

No. That was a permanent addition to the SCRA, not a temporary one.

The change to §527(a)(1) -- now cited as 50 U.S.C. 3937(a)(1) -- was a permanent change. The changes to § 3953(b) and (c) were temporary, and have reverted to the original "90 day" wording.

To start with, FDIC got it wrong. It's correct that the rate reduction was made applicable for the duration of military service plus one year for mortgage debt by section 2203(b) of HERA. However, that section of HERA does not sunset. Section 2203(a), which changed the "90 days" in sections 533(b) and (c) of the SCRA, has a sunset, which, after some tweaks and extension, finally arrived on 12/31/15.

The one-year language in section 527(a)(1) of SCRA - now cited as 50 U.S.C. 3937(a)(1) -- is permanent (unless Congress changes the law, of course).

And sections 533(b) and (c) -- 50 U.S.C. 3953(b) and (c) -- have reverted back to "90 days."

We have all of the SCRA sections in our Regulations pages, sporting their new section numbers, and with their current wording. Check them out at https://www.bankersonline.com/regulations/scra