This story appeared in Bank Digest.
The House of Representatives has passed its companion bill (H.R. 4252) to the Foreclosure Relief and Extension for Servicemembers Act of 2015 (S. 2393), which extends foreclosure protection for military homeowners from 90 days to a one-year period until Jan. 1, 2018.
In 2012, Congress temporarily extended the foreclosure protection to one year. According to a press release issued by Rep. Stephen Fincher (R-Tenn), a Government Accountability Office study found that the revised timeframe successfully protected veterans from losing their homes and didn't cause any unintended consequences for veterans or lenders. In 2014, Congress again extended the foreclosure protection to one year through Dec. 31, 2015.