§ 1475. Loan payment moratorium and foreclosure procedures

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(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.

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

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Sec. 505
loan payment moratorium and foreclosure procedures

statutes-at-large

Public Law 101–625
To authorize a new HOME Investment Partnerships program, a National Homeownership Trust program, and HOPE programs, to amend and extend certain laws relating to housing, community and neighborhood preservation, and related programs, and for other purposes

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July 15, 1949, ch. 338
63 Stat. 434
Pub. L. 101–625, title VII, § 707
104 Stat. 4287
Pub. L. 101–625

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§ 1475

Loan payment moratorium and foreclosure procedures

Bills×16

Stat.×2

Stat. Comp.×1

ActJuly 15, 1949, ch. 338

Stat.63 Stat. 434

Pub. L.Pub. L. 101–625, title VII, § 707

Stat.104 Stat. 4287

Pub. L.Pub. L. 101–625

Cites 5Cited by 19 across 3 sources