CA SB720

Allows service members to defer mortgage and installment payments on real estate contracts for a period equal to their military service length, with payments extended accordingly at the original interest rate.

Prohibits penalties and interest accumulation on deferred payments and prevents foreclosure or repossession of property during the deferment period.

Requires deferred mortgage payments to become due upon sale of the property, further encumbrance, or maturity of the loan obligation.

Maintains service members' obligation to make monthly impound account payments for property taxes, insurance, and assessments even during deferment.

Prevents deferment relief from applying to child support obligations, though service members may seek modifications due to reduced income from military service.