Are military personnel and spouses entitled to debt payment relief?
The Service Members Relief Act of 2003 (formerly the Soldiers’ and Sailors’ Civil Relief Act of 1940), limits the interest that may be charged on mortgages incurred (or acquired) by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service. Mortgage lenders must, at your request, reduce the interest rate to no more than 6% per year during the period of active military service and recalculate your payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.
