Kerry Pushes for Foreclosure Protection for Military Families, Veterans

WASHINGTON, D.C. – Senator John Kerry (D-Mass.) today offered legislation to strengthen protections against foreclosures for active duty military service members and veterans.  The legislation would help our military families by allowing the Secretary of Veterans Affairs to pay the balance on outstanding mortgage loans guaranteed by the Department of Veterans Affairs (VA.)  

“The brave men and women fighting to protect America overseas should never worry about coming home without a roof over their heads,” said Sen. Kerry.  “Providing relief during this mortgage crisis is the least we can do for those who have served our country and their families who have felt the strain of repeated deployments.”

Senator Kerry’s Military Families and Veterans Homes Protection Act of 2009 builds on provisions the senator included in the 2008 Foreclosure Prevention Act.  Kerry’s legislation amended the Service Civil Relief Act (SCRA) by extending the limit on foreclosure from 90 days to 9 months after service members have returned from active duty.  It also extended the existing 6% mortgage interest rate for one year, a provision that was set to expire in 2011. 

Due to the success of this provision, Kerry’s new legislation will extend the 6% capped interest rate indefinitely.  This change will provide service members and their families with the continued protections they need to ensure they do not lose their homes due to their service to our nation.