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Homeowner’s Emergency Assistance Act - H.R. 1357 Finding: The Mortgage Bankers Association of America recorded a 30-year high in mortgage foreclosures in 2002. America’s sluggish economy, coupled with high unemployment rates and a surge in bankruptcy filings all contribute to the foreclosure increase. Purpose: To establish a program to assist homeowners experiencing unavoidable, temporary difficulty making payments on mortgages insured under the National Housing Act. The Bill: The Secretary shall establish a program to make payments on FHA mortgages for a 1-to-4 family residence when:
Eligibility: The Secretary will determine the eligibility of an applicant based on a change of status in the following:
Synopsis: Homeowners who meet the above requirements may apply to an approved non-profit housing agency for official determination of financial emergency assistance eligibility. While receiving mortgage assistance, participants must make payments to the Secretary not exceeding 35 percent of their net income. Payments shall be provided for a period not to exceed 36 months. Repayment of all mortgage assistance, plus interest will be made to the Secretary after it has been determined that the homeowner is no longer eligible for relief. Loan amounts must fall within FHA guidelines.
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Full text of HR 1357
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