A bill to repeal the sunset of certain enhancements of protections of servicemembers relating to mortgages and mortgage foreclosures, to amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to pay mortgage holders unpaid balances on housing loans guaranteed by Department of Veterans Affairs, and for other purposes.

Amends the Housing and Economic Recovery Act of 2008 to repeal the December 31, 2010, termination date on certain mortgage interest rate and foreclosure protections provided to servicemembers.

Authorizes the Secretary of Veterans Affairs, with respect to a veterans' housing loan guaranteed through the Department of Veterans Affairs (VA) that is modified under federal bankruptcy laws, to pay the holder of the mortgage obligation its unpaid balance, but only upon the assignment and transfer to the Secretary of all rights and interests with respect to the loan.