2016 US Code
Title 42 - The Public Health and Welfare
Chapter 8A - Slum Clearance, Urban Renewal, and Farm Housing
Subchapter III - Farm Housing
Sec. 1475 - Loan payment moratorium and foreclosure procedures

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Citation 42 U.S.C. § 1475 (2016)
Section Name

§1475. Loan payment moratorium and foreclosure procedures

Section Text

(a) Moratorium

During any time that any such loan is outstanding, the Secretary is authorized under regulations to be prescribed by him to grant a moratorium upon the payment of interest and principal on such loan for so long a period as he deems necessary, upon a showing by the borrower that due to circumstances beyond his control, he is unable to continue making payments of such principal and interest when due without unduly impairing his standard of living. In cases of extreme hardship under the foregoing circumstances, the Secretary is further authorized to cancel interest due and payable on such loans during the moratorium. Should any foreclosure of such a mortgage securing such a loan upon which a moratorium has been granted occur, no deficiency judgment shall be taken against the mortgagor if he shall have faithfully tried to meet his obligation.

(b) Foreclosure procedures

In foreclosing on any mortgage held by the Secretary under this subchapter, the Secretary shall follow the foreclosure procedures of the State in which the property involved is located to the extent such procedures are more favorable to the borrower than the foreclosure procedures that would otherwise be followed by the Secretary. This subsection shall be subject to the availability of amounts approved in appropriations Acts, to the extent additional budget authority is necessary to carry out this subsection.

Source Credit

(July 15, 1949, ch. 338, title V, §505, 63 Stat. 434; Pub. L. 101–625, title VII, §707, Nov. 28, 1990, 104 Stat. 4287.)

Editorial Notes

AMENDMENTS

1990—Pub. L. 101–625 amended section catchline generally, designated existing provisions as subsec. (a) and inserted heading, and added subsec. (b).

Publication Title United States Code, 2012 Edition, Supplement 4, Title 42 - THE PUBLIC HEALTH AND WELFARE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 42 - THE PUBLIC HEALTH AND WELFARE
CHAPTER 8A - SLUM CLEARANCE, URBAN RENEWAL, AND FARM HOUSING
SUBCHAPTER III - FARM HOUSING
Sec. 1475 - Loan payment moratorium and foreclosure procedures
Contains section 1475
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law No
Disposition standard
Statutes at Large References 63 Stat. 434
104 Stat. 4287
Public Law References Public Law 101-625
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