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Provisions of Service Members Civil Relief Act

Answered by: 

Question: 
Do the provisions of the Servicemembers Civil Relief Act on maximum interest rate apply to a service member's non-owner occupied 5-family rental property?
Answer: 

If the service member is liable on the note, the type of real estate standing as security for the note is irrelevant: the 6% cap on interest applies.

First published on BankersOnline.com 1/16/12

First published on 01/16/2012

Filed under: 
Filed under lending as: 
Filed under security as: 

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