Sec. 262. Borrower ineligibility upon second foreclosure
132 words·~1 min read·
/bill/113/hr/2767/ih/section-262A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If any individual is the mortgagor under any two mortgages on 1- to 4-family residential properties that have been foreclosed upon, the FHA may not newly insure, under any provision of this title, the National Housing Act, or any FHA program, any other mortgage under which such individual is the mortgagor. Section 505 of the Housing Act of 1949 ( 42 U.S.C. 1475 ), as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsection:
If any individual is the mortgagor under any two mortgages for 1- to 4-family residential properties that have been foreclosed upon, the Secretary may not newly make, insure, or guarantee, under any provision of this title, any other loan under which such individual is the borrower. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 262
Borrower ineligibility upon second foreclosure
Cites 1Cited by 0 across 0 sources