If credit union and the servicemember agree to modify the terms of an obligation, does this waive all rights under the SCRA?

In the case where a credit union and a servicemember agree to modify the terms of an obligation, it is important to recognize that this modification does not inherently waive all rights under the Servicemembers Civil Relief Act (SCRA). The correct understanding is that while specific terms of the obligation can be adjusted through the agreement, other protections afforded under the SCRA remain in effect.

The SCRA provides a range of protections for servicemembers, including those related to interest rates, eviction, and civil judicial proceedings, among others. When a modification is made, it may only pertain to the specific terms that are agreed upon by both parties, such as payment schedules or interest rates, but does not negate the broader array of rights that servicemembers retain under the act. Indeed, the purpose of the SCRA is to ensure that servicemembers do not face unjust disadvantages due to their military service, which remains intact regardless of the modifications made.

Therefore, it is critical for both the credit union and the servicemember to clearly understand that while terms can be modified, the fundamental protections and rights afforded by the SCRA still apply. This ensures that servicemembers can rely on the full spectrum of capabilities that the law provides, independent of any