“The last thing our brave men and women need to worry about while protecting our country is having their house taken away by the bank. We need to take action to fix the current loophole and put in place a uniform policy that allows our service members and their families to keep their homes,” said Rep. Kind
Currently, under the Serviec-member Civil Relief Act (SCRA), mortgage lenders are prohibited from foreclosing on active duty service-members. Unfortunately, the law does not include a statute of limitations and, as a result, discretion is left to the courts who simply defer to the closest applicable state law. With the statute of limitations varying state-by-state and no uniform application of the law, this often leaves uncertainty for our service-members.
The HOMES Act would fix the problem by amending the SCRA to establish a uniform 10-year statute of limitations for civil actions for violations brought by the Department of Justice or private parties.