Mortgage Lending: 9.6.4 Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act sets a six percent cap on interest rates for certain debts owed by military servicemembers. The cap applies to any debt incurred before the servicemember enters active duty and for which payments are due while the servicemember is on active duty.212 Mortgages as well as other obligations are covered.213 Interest in excess of six percent must be forgiven, not just deferred.214