2001 US Code
Title 12 - BANKS AND BANKING
CHAPTER 28 - EMERGENCY MORTGAGE RELIEF
Sec. 2702 - Mortgages eligible for assistance
View MetadataPublication Title | United States Code, 2000 Edition, Supplement 1, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 28 - EMERGENCY MORTGAGE RELIEF Sec. 2702 - Mortgages eligible for assistance |
Contains | section 2702 |
Date | 2001 |
Laws in Effect as of Date | January 22, 2002 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 94-50, title I, §103, July 2, 1975, 89 Stat. 249. |
Statutes at Large Reference | 89 Stat. 249 |
Public Law Reference | Public Law 94-50 |
§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 indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) and to any agency or department of the Federal Government responsible for the regulation of the holder that circumstances (such as the volume of delinquent loans in its portfolio) 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, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of 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 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.
(Pub. L. 94–50, title I, §103, July 2, 1975, 89 Stat. 249.)
Section Referred to in Other SectionsThis section is referred to in sections 2703, 2705 of this title.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.