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What Legal Protections Are Servicemembers Entitled To Under the SCRA?

April 26, 2017entitled Legal protections SCRA servicemembers

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What Legal Protections Are Servicemembers Entitled To Under the SCRA?

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Many protections are available. Related to home loans, the SCRA: • Limits the interest rate to 6% on a home loan acquired prior to entering military service of an active duty servicemember or servicemember and spouse jointly, during the period of service. • In a legal action to enforce a debt against real estate that is filed during, or within 90 days after the servicemember’s military service, a court may stop the proceedings for a period of time, or adjust the debt. In addition, the sale, foreclosure, or seizure of real estate shall not be valid if it occurs during, or within 90 days after the servicemember’s military service unless the creditor has obtained a court order approving the sale, foreclosure, or seizure of the real estate.