12-U.S.C.-2702
§2702 – Mortgages Eligible For Assistance
Pathway
Title 12 > Chapter 28 > Section 2702
Details
- Reference: Section 2702
- Legend: §2702 – Mortgages Eligible For Assistance
- USCode Year: 2013
Provision Content
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.
(Pub. L. 94–50, title I, §103, July 2, 1975, 89 Stat. 249; Pub. L. 111–203, title XIV, §1496(b)(1), July 21, 2010, 124 Stat. 2207.)
Amendments
2010—Par. (2). Pub. L. 111–203, §1496(b)(1)(A), substituted have certified for 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 and struck out (such as the volume of delinquent loans in its portfolio) after circumstances and , 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 after by this chapter.
Par. (4). Pub. L. 111–203, §1496(b)(1)(B), inserted or medical conditions after adverse economic conditions.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2615 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2615, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2279AA in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-2279AA, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-2702 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-2702, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
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