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senate Bill S. 2393

Should a Foreclosure Grace Period be Extended for Newly Transitioning Veterans?

Argument in favor

While it’s nice that servicemembers transitioning out of the military are protected from foreclosure for a nine-month period, Congress should up it to one-year through 2017.

ReaganRules's Opinion
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03/22/2016
Least we can after the hell they went through protecting us. PTSD can hit people like a ton brick at anytime. A cushion is what we need and If we want to add to it I am fine with that, it seems reasonable.
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PacificCstar's Opinion
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05/15/2016
Veterans have earned the right to have a home in the country they defended. Newly transitioning vets face challenges that civilians do not. We owe them this.
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Alis's Opinion
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03/31/2016
Of course! No brainer. If you unwrapped your Congressional selves from that flag you like so much but has strangled your ability to fund veterans programs, reality would be obvious!
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Argument opposed

The current nine-month period is sufficient, and an additional three months may not be helpful for newly separated veterans returning to civilian life.

GrumpyMSgt's Opinion
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03/22/2016
As a retired military veteran I say no. When you sign a contract you agree to the terms. Stay in, or work multiple jobs, or face the music. NOTE TO POLITICIANS: Instead of dreaming up legislation like this, how about focusing on cleaning of the VA mess.
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Jim2423's Opinion
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03/21/2016
No, if nine months is not enough, then you should have not gotten out of the service. No one made you purchase the home. I to am a veteran, and only was allowed the VA home loan, but no such thing as a forgiveness on my loan. I wanted the house and worked hard to keep up my payments. Man up!
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ark4162's Opinion
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03/24/2016
Doesn't help them much when they're dying because they can't get health care! FIX THE DAMN VA! Lets keep them alive 1st! Once e figure out how to do that well we can add something else!
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What is Senate Bill S. 2393?

This bill would extend a provision of the of the Servicemembers Civil Relief Act that protects active duty servicemembers against foreclosure for a one year period after the completion of their service while transitioning to life as a civilian through 2017. Under current law servicemembers have a nine-month period following their service during which they’re protected from foreclosure.

If enacted, this legislation would allow the nine-month period to revert back into effect as of January 1, 2018 barring other legislative action.

Impact

Servicemembers facing foreclosure who are within 10-12 months of leaving the service; and financial institutions

Cost of Senate Bill S. 2393

A CBO cost estimate is unavailable.

More Information

In-Depth: Sponsoring Sen. Sheldon Whitehouse (D-RI) introduced this bill to give those who have served in the Armed Forces but are transitioning back to civilian life temporary protection from foreclosure:

“Some of the men and women who’ve served our country need time to find their financial footing as they leave active service. They should get it. Our servicemembers keep us safe from all manner of threats around the globe. It’s the least we can do to keep them and their families safe from foreclosure as they transition back to civilian life. I’ll keep fighting to make these protections permanent, but I’m pleased that we’ve reached a unanimous bipartisan agreement on a two-year extension.”

The Senate passed this legislation by unanimous consent in December 2015, which is cosponsored by nine Senate Democrats. A similar bill was passed in the 113th Congress that allowed for a one-year foreclosure protection period, which lasted until 2016 prompting this extension.



Media:

Summary by Eric Revell
(Photo Credit: Flickr user BasicGov)

AKA

Foreclosure Relief and Extension for Servicemembers Act of 2015

Official Title

A bill to extend temporarily the extended period of protection for members of uniformed services relating to mortgages, mortgage foreclosure, and eviction, and for other purposes.

bill Progress


  • EnactedMarch 31st, 2016
    The President signed this bill into law
  • The house Passed March 21st, 2016
    Passed by Voice Vote
  • The senate Passed December 10th, 2015
    Passed by Voice Vote
    IntroducedDecember 10th, 2015

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    Least we can after the hell they went through protecting us. PTSD can hit people like a ton brick at anytime. A cushion is what we need and If we want to add to it I am fine with that, it seems reasonable.
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    As a retired military veteran I say no. When you sign a contract you agree to the terms. Stay in, or work multiple jobs, or face the music. NOTE TO POLITICIANS: Instead of dreaming up legislation like this, how about focusing on cleaning of the VA mess.
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    Veterans have earned the right to have a home in the country they defended. Newly transitioning vets face challenges that civilians do not. We owe them this.
    Like (6)
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    Of course! No brainer. If you unwrapped your Congressional selves from that flag you like so much but has strangled your ability to fund veterans programs, reality would be obvious!
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    My step father is a Texas born man that served in the army for over 20 consecutive years and retired as a Sargent first class,(but still working not in military though). He was serving in the second infantry and amazingly fought jihadist in Afghanistan and Kuwait as we'll. Additionally, he was border security for the demilitarized zone on the Korean border as well. Lastly, my step father was a symbolized by his colleagues and peers as a leader so he was elected professor/recruiter at two lane university in New Orleans as well In the ROTC PROGRAM. Program link here: http://todaysmilitary.com/training/rotc?source-id=ROTC&content-id=+rotc_+program&medium-id=BMM&campaign-id=G_Military_Training_Programs_BMM. There, He would guide his cadets about military science and how to be an effective/responsible service man or women. When he moved to Long Island, New York with us he was successful occupationally wise but it would be more than gracious for the federal banks to grant him a slight bit of assistance if he were to ever be in a Scenario where we could not pay the expenses for the house we own (mortgage). I mean we are a upper-middle class family so is my father as well but especially residing in a very expensive area in the hamptons you are faced with some economic stabilization challenges. Housing is very expensive here in Long Island especially in our town. This bill isn't necessarily about us because we don't face foreclosure it's about the struggling families out there that might in some cases. Veterans across the nation are facing economic hardships especially with interest as well. You see banks are able to deceive some citizens because they say you know "DO YOU HAVE A LOW INCOME AND CANT AFFORD THIS AND THAT COME TO US AND WE WILL HELP YOU!". However their speech may sound joyful and eye-catching but they are educated that since you will need to tremendously borrow loans YOU MUST PAY A HIGH INTEREST RATE! When the mice wants cheese it goes for cheese, but when the mice runs out of cheese it has to go to the cheese factory to borrow more cheese. But the mice can't pay the factory interest with cheese currency, OOPS SO NOW THE MICE IS IN DEBT. The point being is veterans are bombarded with interest debt and on top of that they are stacked with house expenses as well. This is how the Great Depression/Wall street crash oringinally evolved FROM TOO MUCH BORROWING FROM BANKS DUE TO RURAL CITIZENS THAT WERE FACED WITH POVERTY AND FAMINE! http://www.marketwatch.com/story/why-more-soldiers-arent-using-va-loans-to-buy-a-home-2014-11-11. This link will display the significance of how veterans Utilize both Va (Veterans Administration) loans and separate loans to attempt to maintain their homes. Some key factors about this link "The VA loans typically have lower interest rates than conventional mortgages allow for higher debt-to-income ratios and lower credit scores, and they don’t require private mortgage insurance. “If you can qualify, the VA loan is the best program out there,” said Darren Ferlisi, a loan officer with Integrity Home Mortgage Corp. in Frederick, Md". So in other words for those veterans out their receiving Va loans is much more beneficial than federal banks, being that quote "VA loans typically have lower interest rates than conventional mortgages". So did you here that veterans for those of you that are struggling with house expenses it behooves you to take VA loans as an advantage to pay off mortgages. This would be a more of a key factor in my opinion to alleviate that veterans are not having a BIG RED SCARY SIGN THAT SAYS FORECLOSURE ON THEIR PROPERTY. Furthermore, "In addition, 42% of military homeowners (males, 18 to 35 years of age) were underwater, or owing more than what their house was worth, compared with 27% of their civilian counterparts, according to a 2012 report from the FINRA Investor Education Foundation." This is an absolute disgrace that must be confronted and alleviated immediately, Period. To reiterate, You can find out more about this informational report about veterans debt and conventional mortgages data by searching Market watch, due to the fact that trying to click links on countable unfortunately dose not quite function correctly. In conclusion, Lets bring proper leadership back to the VA and improve policies with federal banks to ensure that veterans scattered across the nation are receiving the sufficient economic resources to pay off their housing expenses! Not keep regulating bureaucratic polices that scams the American public. Thank you for your time.
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    Good job congress in finding a cheap way to provide minimal assistance and give yourself a talking point. How about good health care? That's what vets need
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    Veterans have a rough time right now. And regardless of the reasons they fought, they deserve respect and help adjusting back to normal life.
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    No, if nine months is not enough, then you should have not gotten out of the service. No one made you purchase the home. I to am a veteran, and only was allowed the VA home loan, but no such thing as a forgiveness on my loan. I wanted the house and worked hard to keep up my payments. Man up!
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    We need to do everything we can to support servicemen and servicewomen returning to civilian life. By extending the grace period, we are lightening the load for them--which is only fair considering how they put their lives on the line.
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    While in combat status all mortgages should be frozen so as not to get into foreclosure
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    Protect our veterans and extend the timeframe to 1 year.
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    Normal citizens do not understand the massive amount of stress leaving and coming back to normal life has on a person. Let's cut these service members some slack.
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    Nine months is not enough time to pull things together.
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    Doesn't help them much when they're dying because they can't get health care! FIX THE DAMN VA! Lets keep them alive 1st! Once e figure out how to do that well we can add something else!
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    While it should be priority to fix the mess that is the VA, we should be doing all we can to help our veterans, and if this will help them out, why not?
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    Veterans of current conflicts should be given as much help as possible to make the transition. A three moth extentiion is a small but helpful jesture.
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    I agree, 3 months won't make much difference- it should be a minimum of 2 years, with increased time for those dealing with injuries; mental or physical. We owe that to our service people.
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    Doesn't matter your history, be financially responsible like everyone else. But extending by 3 months will help more than hurt.
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    We need to take care of our vets.
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    Do us regular folks get nine months of foreclosure protection when we change careers? Sweet! Thanks, congress!
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