I'm needing some guidance on this.
Do we have to re-adjust their payment amount along with adjucting the rate to a max of 6%?
Or can we just lower the rate w/o changing the payment amounts?
From reading the act, I'm not getting a clear answer Imagine that!

The SSCRA required an interest adjustment. The SCRA (current law) recognizes that an interest rate adjustment without a corresponding payment adjustment is of little benefit.

Reamortize the loan when you drop the rate. Also, be sure if you set a rate at 6% there are no fees charged.

You'll find a lot more good info the the SCRA forum where I am moving this thread.

Thank you Andy.
If we re-am the loan, can we just modify the note w/o any signatures since it it to benefit the borrowers? Some have family with a POA, but some do not.

Also, would you mind to link me to where the current law states it would be of little benefit if we do not adjust the payments?

SSCRA Scroll to Section 207(a)(3) for info regarding adjusting the payment amount.

Got it, unfortunetly, we have been just changing the interest rate. Looks like we have some re-adjusting to do.

Thanks.

You are making required changes and you should document it as such. You don't need signatures or to make new disclosures. Remember, this is temporary in most cases.