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12 U.S.C. § 2702 — Mortgages eligible for assistance

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2702 — Mortgages eligible for assistance

No assistance shall be extended with respect to any mortgage under this chapter unless— (1) the holder of the mortgage has indicated to the mortgagor its intention to foreclose; (2) the mortgagor and holder of the mortgage have certified that circumstances make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this chapter; (3) payments under the mortgage have been delinquent for at least three months; (4) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions or medical conditions and is financially unable to make full mortgage payments; (5) there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (6) the mortgaged property is the principal residence of the mortgagor.

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Source file: Laws/federal/codes/united-states-code/title-12/section-2702-mortgages-eligible-for-assistance--8177dabae3.md
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Source location: Title 12, Chapter 28, § 2702; chapter-028-emergency-mortgage-relief.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2703 — Manner of assistance and repayment

**(a) Form of assistance** Assistance under this chapter with respect to a mortgage which meets the requirements of [section 2702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2702&num=0&edition=prelim) may be provided in the form of emergency mortgage relief loans and advances of credit insured pursuant to [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim) or in the form of emergency mortgage relief payments made by the Secretary pursuant to [section 2705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2705&num=0&edition=prelim). **(b) Amount of assistance** Assistance under this chapter on behalf of a homeowner may be made available in an amount up to the amount of the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums due under the homeowner’s mortgage. The amount of assistance provided to a homeowner under this chapter shall be an amount that the Secretary determines is reasonably necessary to supplement such amount as the homeowner is capable of contributing toward such mortgage payment, except that the aggregate amount of such assistance provided for any homeowner shall not exceed $50,000. **(c) Monthly payments; extension of time; report of increase in income** Monthly payments may be provided under this chapter either with the proceeds of an insured loan or advance of credit or with emergency mortgage relief payments for up to twelve months, and, in accordance with criteria prescribed by the Secretary, such monthly payments may be extended once for up to twelve additional months. A mortgagor receiving the benefit of mortgage relief assistance pursuant to

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2703

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2705 — Emergency mortgage relief payments

**(a) Direct payments to mortgagee** In the case of any mortgagee which would otherwise be eligible to participate in the program authorized under [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim) but does not qualify for an advance or advances as authorized by section 2712 11 See References in Text note below. of this title or under section 1430, 1430b, or 1431 of this title or otherwise elects not to participate in the program authorized under [section 2704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2704&num=0&edition=prelim), the Secretary is authorized to make repayable emergency mortgage relief payments directly to such mortgagee on behalf of homeowners whose mortgages are held by such financial institution and who are delinquent in their mortgage payments. **(b) Mortgages eligible; terms and conditions** Emergency mortgage relief payments shall be made under this section only with respect to a mortgage which meets the requirements of [section 2702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2702&num=0&edition=prelim) and only on such terms and conditions as the Secretary may prescribe, subject to the provisions of [section 2703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2703&num=0&edition=prelim). **(c) Processing of relief payments; power of Secretary** The Secretary may make such delegations and accept such certifications with respect to the processing of mortgage relief payments provided under this section as he deems appropriate to facilitate the prompt and efficient implementation of the assistance authorized under this section.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2705

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2702 — Mortgages eligible for assistance

Page 1458 TITLE 12—BANKS AND BANKING § 2702 continue to make mortgage payments has de- teriorated and may further deteriorate in the months ahead, leading to the possibility of widespread mortgage foreclosures and distress sales of homes; and (3) many of these homeowners could retain their homes with temporary financial assist- ance until economic conditions improve. (b) It is the purpose of this chapter to provide a standby authority which will prevent wide- spread mortgage foreclosures and distress sales of homes resulting from the temporary loss of employment and income through a program of emergency loans and advances and emergency mortgage relief payments to homeowners to de- fray mortgage expenses. (Pub. L. 94–50, title I, § 102, July 2, 1975, 89 Stat. 249.) Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 94–50, § 1, July 2, 1975, 89 Stat. 249, provided: ‘‘That this Act [enacting this chapter, amending sec- tions 1723e and 1735b of this title and sections 1452 and 4106 of Title 42, The Public Health and Welfare, enact- ing provisions set out as a note under this section, and amending provisions set out as a note under section 1723e of this title] may be cited as the ‘Emergency Housing Act of 1975’.’’ Pub. L. 94–50, title I, § 101, July 2, 1975, 89 Stat. 249, provided that: ‘‘This title [enacting this chapter] may be cited as the ‘Emergency Homeowners’ Relief Act’.’’ § 2702. Mortgages eligible for assistance No assistance shall be extended with respect to any mortgage under this chapter unless— (1) the holder of the mortgage has indicated to the mortgagor its intention to foreclose; (2) the mortgagor and holder of the mort- gage have certified that circumstances make it probable that there will be a foreclosure and that the m

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