![]() The rate reduction for pre-service obligations applies during the period of active duty service for most loans and, for mortgages, for an additional year after the end of active duty service. To receive this benefit you must notify your lender in writing and include a copy of your orders to active duty service or a letter from your commanding officer that shows the date you began active duty service. If you took out an automobile, home, or student loan or incurred credit card debt prior to becoming a servicemember (also known as a “pre-service obligation”), or if you took out such a loan jointly with your spouse, then you are entitled to have your interest rate reduced to a maximum of 6 percent per year. Protection #1: Reducing the interest rate on any pre-service loans to a maximum of 6 percent Termination of residential housing and automobile leases without penalty.Protections against repossession of their property.Protections against foreclosure on their home.Protections against default judgments in civil cases.Reducing the interest rate on any pre-service loans to a maximum of 6 percent. ![]() Department of Justice, these are five protections that servicemembers often ask about: Some SCRA protections also apply to dependents. SCRA rights may be exercised by anyone holding a valid power of attorney for the servicemember.
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