Extended Period of Protection?

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??

Yes. You'll see that we have SCRA sections 533(b) and (c) annotated to that effect, in ABC Soup.

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?

PL 112-154

See these pages.

http://www.gpo.gov/fdsys/pkg/BILLS-112hr1627enr/pdf/BILLS-112hr1627enr.pdf Section 710 contains the SCRA amendments.

http://www.whitehouse.gov/the-press-office/2012/08/06/statement-press-secretary-hr-1627

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.

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.

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?

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.