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Military

The Servicemembers Civil Relief Act (SCRA)

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For more than 90 years, Bank of America has supported the U.S. military through our contributions to military-focused charitable organizations, differentiated banking services for military servicemembers, and our commitment to hiring military veterans.

We also support our military by making sure our servicemembers are aware of the federal Servicemembers Civil Relief Act (SCRA) and the benefits it offers. The SCRA expands and improves the provisions of the Soldiers' and Sailors' Relief Act of 1940 (SSCRA), allowing persons on active duty in the United States Military to devote their full attention to service by easing some of their financial obligations and, in certain cases, suspending the enforcement of civil liabilities.

As an active duty member of the United States Military, you may be eligible for SCRA benefits and protections on the following products:

  • Line of credit, credit card and installment loans
  • Mortgage and home equity secured loans
  • Student loans

Benefits and protections for servicemembers apply to both consumer and business loans.

Some of the SCRA's benefits and protections—such as the interest-rate cap limitation and protection from non-judicial foreclosure and repossession—are intended to protect military personnel who had an existing obligation prior to becoming active duty military but are less able to manage their finances while in active service. Other SCRA protections, such as protection from evictions and termination of auto leases, apply to all active duty members.

Who's eligible for SCRA benefits and protections?

Active duty members of the military, including those described below, who received their loan or credit prior to active service may be eligible for an interest rate reduction benefit and may be protected from non-judicial foreclosure and repossession of property without a court order:

  • Active duty in the Army, Navy, Air Force, Marine Corps or Coast Guard, including reservists serving on active duty
  • National Guard service for more than 30 consecutive days under federal orders issued by the President or Secretary of Defense
  • Commissioned officers of the National Oceanic & Atmospheric Administration and Public Health Service on active service
  • Bank of America also extends certain benefits to the spouse or dependent of a covered servicemember, even if the servicemember is not on the account

Who's not eligible for SCRA benefits and protections?

  • Individuals who received their loan or credit while on active duty in military service are not eligible for the 6% interest rate cap or the protection from non-judicial foreclosure or repossession
  • National Guard members, except as described above (although some state laws provide similar benefits for National Guard members called to active duty under state-issued orders)

Servicemembers have up to 180 days from the date military service is completed to request benefits and provide documentation.

To apply for SCRA interest rate benefits, you'll need one of the following:

  • A copy of your enlistment orders or your military orders calling you to active duty service
  • A properly completed Department of Defense Short Form (available from your local JAG or Housing office)

To apply for SCRA mortgage benefits, you'll need one of the above OR a letter on official letterhead from your commanding officer containing the following:

  • Your full name, including middle initial
  • Your Social Security number and date of birth
  • Your home address
  • Date of military orders marking the beginning of the period of active military service
  • Signature of your commanding officer
  • Acknowledgement that the information will be relied upon by a creditor
  • Commanding officer's telephone number (for verification purposes)
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  • Show Line of credit and credit card benefits
    • Reduction or limits on interest rates. If you enter active duty and have an existing credit card, you may be entitled to a lower interest rate. While you’re on active duty, lenders generally cannot impose a rate of interest exceeding 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.
    • Extended benefit timeframe. As an additional benefit to help you with your transition to civilian life, Bank of America’s SCRA program extends these interest rate benefits and offers reduced payments on credit cards for an additional 6 months beyond the date you end military service.
  • Show Installment contract benefits (including auto, RV, boat, motorcycle & aircraft)
    • Reduction or limits on interest rates. If you enter active duty and have an existing installment contract, you may be entitled to a lower interest rate. Lenders generally cannot impose a rate of interest exceeding 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.
    • Extended benefit timeframe. As an additional benefit to help you with your transition to civilian life, Bank of America's SCRA program extends the interest rate and offers reduced payments for an additional 6 months beyond the date your military service ends.
    • Protection from repossession. While on active duty, you are protected from repossession unless a court issues an order allowing the repossession to take place. As an additional benefit, Bank of America extends repossession protections on consumer contract (car, boat, etc.) for an additional 60 days beyond the date your military service ends.
  • Show Mortgage and home equity benefits
    • Reduction or limits on interest rates. If you enter active duty and have an existing mortgage loan, you may be entitled to a lower interest rate. Lenders generally cannot impose a rate of interest exceeding 6% on debts incurred prior to active duty. The 6% rate is in effect for your entire period of active duty service. For mortgage loans, the benefit extends 1 year beyond your period of military service.
      • Bank of America currently offers a benefit that exceeds the federal law requirements described above. If your loan is owned and serviced by Bank of America, you will receive a rate of 4% for your home mortgage loan, potentially saving you thousands of dollars. Even if your loan is owned by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae, Freddie Mac or other private investors, you may still qualify for the 6% rate. Please call us if you have questions regarding the ownership of your mortgage, or to see if you’re eligible for the 4% or 6% rate.
    • Extended benefit timeframe. As an additional benefit while you're transitioning to civilian life, the SCRA program extends the interest rate and reduced loan payment benefits for 12 months beyond the date your military service ends.
    • Reduced payments. If your interest rate is higher than 6%—or 4% for mortgages both owned and serviced by Bank of America—your payments will be reduced to reflect the lower interest rate.
    • Protection from foreclosure. The SCRA generally prevents lenders from foreclosing (absent a court order) on eligible active duty servicemembers during their period of military service and 12 months thereafter. To learn more about this benefit, please contact us.
    • Home retention options: In addition to other home retention options, Bank of America also offers the Military Modification Program. As part of the federal government's Making Home Affordable program, this program offers principal forgiveness and other solutions to help qualified military customers who are having difficulty making their mortgage payments.
  • Show Student loan contracts
    • Reduction or limits on interest rates. If you enter active duty and have an existing loan, you may be entitled to a lower interest rate. The loan on which a rate reduction is requested must be disbursed prior to the date the borrower was called to active duty. The 6% rate is in effect for your entire active duty service.
    • Reduced payments. If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.

Your responsibilities

  • To qualify for SCRA benefits, you must provide all required documentation to us or your student loan servicer
  • Your SCRA benefits do not relieve you of your responsibility to make these payments, nor do they prevent us from reporting past due payments to credit bureaus
  • If you're having trouble making your payments, please contact us so we can help you manage them. You don't need to do anything in order to receive protection from non-judicial foreclosure or repossession. Although you're not required to alert lenders of your military status to receive foreclosure and repossession protections, it is a good idea to do so. You may be eligible for relief under state benefits.

Contact us

Contact Information

Note: Completed orders or other qualifying documentation may be submitted at a nearby banking center or by one of the following methods. Please note that contact information varies by product.

Credit Cards, Checking, Savings

Phone
1.877.345.0693
1.817.245.4094 (collect call outside of U.S.)

Fax
1.866.696.0292
1.302.525.5889 (collect call outside of U.S.)
Attn: SCRA Group

Address
SCRA
P.O. Box 982282
El Paso, TX 79998-2238

Overnight Mail Address
Bank of America
Royster Building
2 Commercial Place, 2nd Floor
Norfolk, VA 23510-2104

Email
You may also contact us by email at militarybenefits@bankofamerica.com. We strongly discourage you from sending personal information via email unless it is sent through a secure, encrypted method. Unencrypted emails are at risk of being intercepted or seen by unauthorized parties. In order to learn more about how to send your information to us securely, please contact us at 1.877.345.0693 and a specialist can assist you with this process. Please note that Bank of America will at no time solicit you to send us confidential information via email.

 

 

Contact Information

Note: Completed orders or other qualifying documentation may be submitted at a nearby banking center or by one of the following methods. Please note that contact information varies by product.

Mortgages and Home Equity

Bank of America and U.S. Trust Standard Mortgage

Phone
1.877.345.0693
1.817.245.4094 (collect call outside of U.S.)

Fax
1.866.696.0292
1.302.525.5889 (collect call outside of U.S.)
Attn: SCRA Group

Address
SCRA
P.O. Box 982282
El Paso, TX 79998-2238

Overnight Mail Address
Bank of America
Royster Building
2 Commercial Place, 2nd Floor
Norfolk, VA 23510-2104

Email
You may also contact us by email at militarybenefits@bankofamerica.com. We strongly discourage you from sending personal information via email unless it is sent through a secure, encrypted method. Unencrypted emails are at risk of being intercepted or seen by unauthorized parties. In order to learn more about how to send your information to us securely, please contact us at 1.877.345.0693 and a specialist can assist you with this process. Please note that Bank of America will at no time solicit you to send us confidential information via email.

Merrill Lynch Home Loans

Phone
1.800.449.8767, Ext. 16660
Mon.–Fri. 9 a.m.–8 p.m. ET

Fax
1.856.917.2878
Attn: Special Loans

Address
Mortgage Service Center
Attention: SV-13 Special Loans
2001 Bishop Gate Blvd.
Mt. Laurel, NJ 08054

 

 

Contact Information

Note: Completed orders or other qualifying documentation may be submitted at a nearby banking center or by one of the following methods. Please note that contact information varies by product.

Installment Loans and Contracts (auto, RV, boat, motorcycle, aircraft)

Phone
1.877.345.0693
1.817.245.4094 (collect call outside of U.S.)

Fax
1.866.696.0292
1.302.525.5889 (collect call outside of U.S.)
Attn: SCRA Group

Address
SCRA
P.O. Box 982282
El Paso, TX 79998-2238

Overnight Mail Address
Bank of America
Royster Building
2 Commercial Place, 2nd Floor
Norfolk, VA 23510-2104

Email
You may also contact us by email at militarybenefits@bankofamerica.com. We strongly discourage you from sending personal information via email unless it is sent through a secure, encrypted method. Unencrypted emails are at risk of being intercepted or seen by unauthorized parties. In order to learn more about how to send your information to us securely, please contact us at 1.877.345.0693 and a specialist can assist you with this process. Please note that Bank of America will at no time solicit you to send us confidential information via email.

 

 

Contact Information

Note: Completed orders or other qualifying documentation may be submitted at a nearby banking center or by one of the following methods. Please note that contact information varies by product.

Healthcare and Professional Financing: Practice Solutions

Phone
1.888.876.0112
Mon.–Thurs. 8 a.m.–8 p.m. ET
Fri. 8 a.m.–7 p.m. ET

Commercial Banking

Phone
1.888.852.5000
Mon.–Fri. 8:30 a.m.–5 p.m. local time

 

 

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