§ 2702. — Mortgages eligible for assistance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2702]
TITLE 12--BANKS AND BANKING
CHAPTER 28--EMERGENCY MORTGAGE RELIEF
Sec. 2702. Mortgages eligible for assistance
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 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 that circumstances (such as the volume of delinquent
loans in its portfolio) 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, 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;
(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 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, Sec. 103, July 2, 1975, 89 Stat. 249.)
Section Referred to in Other Sections
This section is referred to in sections 2703, 2705 of this title.
