§ 2702. Mortgages eligible for assistance
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/usc/title-12/section-2702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.)
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U.S. Code
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- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
- Public Law 94–50To authorize temporary assistance to help defray mortgage payments on homes owned by persons who are temporarily unemployed or underemployed as the result of adverse economic conditions
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- Pub. L. 94–50, title I, § 103
- 89 Stat. 249
- Pub. L. 111–203, title XIV, § 1496(b)(1)
- 124 Stat. 2207
- Pub. L. 111–203, § 1496(b)(1)(A)
- Pub. L. 111–203, § 1496(b)(1)(B)
- Pub. L. 111–203
- section 1400(c) of Pub. L. 111–203
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§ 2702
Mortgages eligible for assistance
U.S.C.×3
Stat.×2
Stat. Comp.×1
Pub. L.Pub. L. 94–50, title I, § 103
Stat.89 Stat. 249
Pub. L.Pub. L. 111–203, title XIV, § 1496(b)(1)
Stat.124 Stat. 2207
Pub. L.Pub. L. 111–203, § 1496(b)(1)(A)
Cites 9 · showing 6Cited by 6 across 3 sources