Regardless of one’s personal political views, I believe that everyone should support our military personnel in any way that we can. Recently Congress extended a very important part of what is known as the Servicemembers Civil Relief Act (SCRA). Specifically, members of the armed forces are exempt from any type of foreclosure attempt upon their property for up to 1 year after returning from active duty overseas.
Why is this so important? Well, if you know your history you would be aware of the fact that many soldiers returning home from WWI, WWII and other past conflicts discovered that they had no home to return to. That’s no way to welcome home a combat veteran is it? Thankfully times have changed and returning veterans now have a 1 year “grace period” to sort out their financial situation and hopefully avoid losing their home due to financial complications. It’s important to remember that being a member of the armed forces is not exactly the easiest way to get rich and I believe that all Americans should show their support whenever possible.
Many financial service companies already have this 1 year protection policy in effect for its military clients and will now continue to honor that policy for an additional year thanks to the decision of Congress to extend it throughout 2015. Without the extension the original 3 month protection period would have been in effect as of January 1st of next year.
It’s worth noting that many leading financial institutions in America were actively involved in the process and sent many letters to Congress urging them for an extension on behalf of our military personnel. I say congratulations on a job well done and a happy and safe holiday season to all of the men and women of our fine military, both here and overseas!