Foreclosure Forbearance Standards Act

Summary

Foreclosure Forebearance Standards Act - Requires any person who makes a federally related mortgage loan to maintain facilities sufficient to insure availability of information concerning such mortgage. States that within 60 days after payments on a mortgage become delinquent and within 30 days before the initiation of any foreclosure proceedings the following must occur: (1) a meeting with the mortgagor to work out a repayment plan; and (2) a transfer of information with respect to such proceedings to the mortgagor. Places restraints on the initiation proceedings, including the requirement that a mortgagee refrain from instituting such proceedings until at least three full monthly installments are due and unpaid, except where the mortgagor abandons the secured property. States that a mortgagee must cease foreclosure proceedings where a mortgagor tenders the total amount due plus attorney's fees. Provides that any mortgagee who fails to comply with state requirements shall no longer be eligible for Federal assistance. Defines the term "federally related mortgage loan" for purposes of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 September 1976

   Introduced

   Referred to House Committee on Banking, Currency and Housing.

   Source: IntroReferral

2. 14 September 1976

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 September 1976

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 14 September 1976

  Open at official source

Sponsors

• Rep. Slack, John [D-WV-3] · D · Sponsor
• · hsba00 · Standing

Related records

• related to → Foreclosure Forbearance Standards Act