The president's Protecting Tenants at Foreclosure Act of 2009 -- signed into law on May 20 -- ensures that military renters aren't forced out of their homes if foreclosure occurs and a new landlord takes over. Additionally, renters in every state will have more time to find new homes. This is a boon for active-duty servicemembers who rent homes throughout the U.S. Since 25 percent of servicemembers are homeowners, foreclosure of rented homes potentially can affect most of the military. "We've got a lot of folks out there that find that they are in really difficult positions, because their landlords are foreclosed on," explains Army Col. Shawn Shumake, director of legal policy for the Pentagon in a Pentagon Channel interview. "This law provides them a measure of security and protection they didn't previously have." The regulation was amended in July because of the rising foreclosure rates to allow the federal government to financially support local moves by military members. So, if one of the two exceptions occurs and servicemembers are forced to move from their home, the government may pay for the move, he says. The regulation and Obama's new legislation go "hand in glove," quips Shumake. Military members faced with such uncertainty are in the best possible position with the two protections, he says.For more information, visit Military.com's Home Buying or PCS channel.
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