Assistance for Military Service Members
The Servicemembers Civil Relief Act SCRA) is designed to help military service personnel qualify for loan modifications and credit relief if they are facing financial distress. Some lenders offer reductions in interest rate to as low as 2.5%, and others offer an extension of loan terms and other programs to make it easier for service members to catch up on payments and keep their homes. The SCRA covers all active duty service members, reservists and the members of the National Guard while on active duty. The protection begins on the date of entering active duty and generally terminates within 30 to 90 days after discharge. If you know someone who serves in the military and is struggling financially, urge them to contact their lender for assistance.