Sec. 2. Notice to homeowners
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/bill/116/hr/8003/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4022 of the CARES Act ( 15 U.S.C. 9056 ) is amended— by striking Federally backed mortgage loan ' each place such term appears and inserting covered mortgage loan ; in subsection (a)— by amending paragraph
(2)to read as follows: The term covered mortgage loan means any credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a 1- to 4-unit dwelling or on residential real property that includes a 1- to 4-unit dwelling, except that it shall not include a credit transaction under an open end credit plan other than a reverse mortgage. ; and by adding at the end the following new paragraph: With respect to a loan, the term covered period means the period beginning on the date of enactment of this Act and ending 12 months after such date of enactment. ; and by adding at the end the following new subsection: During the period that begins 90 days after the date of the enactment of this subsection and ends upon the expiration of the covered period, each servicer of a covered mortgage loan shall— make available in a clear and conspicuous manner on their web page accurate information for borrowers, in both English and Spanish language, regarding the availability of forbearance under subsection (b); notify each borrower whose payments under a covered mortgage loan are or become 31 days delinquent in any oral communication with or to the borrower that the borrower may be eligible to request forbearance as provided under subsection (b), except that such notification shall not be required if the borrower already has obtained forbearance under subsection (b); and provide to any borrower whose payments on the covered mortgage loan are or become 31 days delinquent, a notification in writing, in both English and Spanish language, not later than the 45th day of the delinquency of the borrower, that— states that the borrower may be eligible for forbearance under this section; states that the borrower may seek language assistance and general help through a housing counseling agency certified by the Department of Housing and Urban Development; and provides information on how to find a counseling agency described in subparagraph (B). .
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Sec. 2
Notice to homeowners
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