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#2237319 - 05/28/20 04:41 PM SCRA apply to land loans?
Clubber Lang Offline
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Joined: Apr 2019
Posts: 18
I am not finding anything that can clarify this for me. Does SCRA protections apply to raw land loans, no structures attached? At this point I do not know the intention at origination. Thank you BOL.

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#2237321 - 05/28/20 05:29 PM Re: SCRA apply to land loans? Clubber Lang
chenin Offline
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Joined: Jul 2007
Posts: 2,120
Yes, SCRA applies to any loan. MLA applies to land loans, but not to dwelling secured loans.

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#2237377 - 05/29/20 08:04 PM Re: SCRA apply to land loans? Clubber Lang
Andy_Z Offline
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Often there are exclusions noted, such as to MLA loans by type. If you don't see a specific type of loans the rule does apply to (that was the case in the original MLA), look for a list of excluded loans and know that everything else likely applies. The SCRA excludes some loans based on time frames, when the loan happened, when the SM was discharged or lost protections, or how long or far they were transferred to (PCS overseas or for more than 6 months), etc. The loan sounds like it is covered, but other variables could change that. You mention the intention at origination, speculative holding, commercial, plan to build on it, doesn't matter so long as origination was pre-service it would qualify for protections such as the rate and foreclosure sections.
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