I just finished writing an article about a recent federal district court decision in a case involving the Soldiers' and Sailors' Civil Relief Act. I think it is a crucial decision EVERY financial institution should be aware of.

You can link to the article through our new SSCRA page

http://www.bankersonline.com/lending/sscrapage.html

or you can go directly to: Reservist Achieves Victory Under SSCRA: What Every Lender Should Know

Man!!! Here we sit thinking we really will not be affected by SSCRA because most of our loans are commercial. Forget that! I just hope I can convince our lenders of this.

Do I understand correctly that this also applies to "sole proprietors"?

What if loans are single maturity with monthly interest payments?

The law does apply to obligations incurred by sole proprietorships.

And, under the holding in the Cathey case, it would also apply any time the military person is a co-obligor on the debt.

There are also provisions relating to guarantors that you should be aware of, that are detailed in my other articles on this.

If the loan is a single payment loan with monthly interest payments, I would recommend applying the reduced interest rate to reduce the monthly payments.

Thanks for the info on the Cathey case.

A question: does the stay apply in this situation: A mortgage loan to a person (sole obligor) who passes away, vesting title in two children, one of whom is in the military? Cannot get non-military service affidavit obviously ... must get attorney appointed for military person even though that person is not personally liable?
Thanks.

I can't help noting that this might be a good reason not to over-do it on requiring guarantees.