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Friday, September 21, 2012

Protecting Military Servicemembers From Foreclosure Law



Protecting Military Servicemembers From Foreclosure:

Starting January 1, 2013, the existing California protection for a servicemember against foreclosure by a mortgage lender during the period of military service or within three months thereafter, has been extended to nine months thereafter. Exceptions apply to sales made by agreement or court order. This law applies to mortgage loans originated before a servicemember’s period of military service for which the servicemember is still obligated. The nine-month period mirrors the foreclosure protection under the federal Servicemembers Civil Relief Act. However, President Obama recently signed into law the federal Honoring America’s Veterans and Caring for Camp Lejeune Families Act which extends, from February 2, 2013 to December 31, 2014, the foreclosure protection to one year after the period of active duty. Source: AB 2475 and H.R. 1627.

Gary Tippner is Short Sale and Foreclosure Resource Certified
Relocation Specialist ~ Luxury Specialist ~ Investor Advisor

Call 1-877-311-GARY
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