We offer financial protection for those who protect us.
When a servicemember is called to active duty, their income and personal finances may feel the strain. The Servicemembers Civil Relief Act (SCRA) can provide some peace of mind for those military members and their families while serving in the form of a 6% interest rate cap on pre-service obligations and foreclosure protections.
Who is eligible for the Servicemembers Civil Relief Act?
To be eligible for protection, one of the following must apply to you:
- Active duty members of Army, Navy, Air Force, Marine Corps, or Coast Guard
- Members of the Reserve component on active duty
- Members of the National Guard on federal orders for a period of more than 30 consecutive days
- Servicemembers absent from duty for a lawful cause or because of illness, wounds, or leave
- Commissioned officers on active duty with the Public Health Service (PHS) or the National Oceanic and Atmospheric Administration (NOAA)
SCRA benefits must be requested no later than 180 days after your active duty end date.
Select benefits for eligible active duty military members
- Any consumer loan, credit card, or real estate loan debt you had prior to becoming an active duty servicemember is entitled to reduce its interest rate to a maximum of 6% per year
- This also includes debt held jointly with a military spouse
- The SCRA's 6% interest rate cap for pre-service debt extends for one year beyond the period of military service if the debt is a mortgage. In addition, a court may stay a foreclosure action that is filed during, or within one year after the servicemember's military service (for mortgage debt incurred prior to active duty). Further, the foreclosure, seizure, or sale of real estate won't be valid if it occurs during or within one year after the servicemember's military service ends — unless the creditor has obtained a valid court order approving the sale, foreclosure, or seizure of the real estate.
For a full explanation of protections available to servicemembers under SCRA, please visit the Military OneSource website.
Apply for your SCRA benefits and protections
Please complete the Servicemembers Civil Relief Act form through Docusign and a member of our Loan Servicing Department will be in touch. For any questions or concerns, please call Loan Servicing at 1-800-926-0003 ext. 23664 or email loans@clearviewfcu.org.