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Home >> Military Issues
Waiving Rights Under SCRA
Is it possible to accidentally waive my rights under the SCRA?
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No. In order for you to waive your rights under the SCRA you have to enter a written agreement with a creditor or bank and expressly waive your rights. The written agreement has to be executed during or after your period of military service. These rights that can be waived only in writing are (1) The modification, termination, or cancellation of (A) a contract, lease, or bailment; or (B) an obligation secured by a mortgage, trust, deed, lien, or other security similar to a mortgage.
(2) The repossession, retention, foreclosure, sale, forfeiture, or taking possession of property that (A) is security for any obligation; or (B) was purchased or received under a contract, lease, or bailment.
Published on BankingQuestions.com 10/22/08
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