As members of the United States military continue to battle high unemployment rates – and, in turn, a high foreclosure rate – one bill introduced in the U.S. Senate would protect service members in danger of losing their homes.
Sen. Jay Rockefeller, D-W.Va., said he will continue to work to pass a bill that would protect military members from losing their homes to banks and other lenders while they are deployed. Rockefeller introduced the bill this week, saying it would broaden the laws that protect service members from losing or foreclosing on their homes while they are deployed or have recently returned from active duty.
"Every day, these brave men and women leave their families, friends and support systems to protect our country," Rockefeller said in a June 25 news release. "The least we can do for these American heroes is to make sure their homes and families are protected while they are away."
Rockefeller's bill, the Military Family Home Protection Act of 2012, would provide mortgage foreclosure relief, mandate a permanent 12-month stay of foreclosure proceedings, increase civil penalties and improve compliance with the Servicemembers Civil Relief Act. The Senate and U.S. House of Representatives recently passed a similar bill with bipartisan support.
Last summer, the Senate Commerce Committee, of which Rockefeller is chairman, held a forum on the issue of home foreclosures where veterans and advocates shared stories of their problems under the current system, which, according to the news release, doesn't protect military members enough.
In addition, a 2011 report showed that multiple mortgage service companies illegally foreclosed on service members and charged them interest rates in excess of the maximum amounts allowed.
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