A bill to amend chapter 37 of title 38, United States Code, to authorize the administrator of Veterans' Affairs to provide mortgage assistance to veterans with loans guaranteed by the Veterans' Administration in order to avoid foreclosure of such loans.

Summary

Authorizes the Administrator of Veterans Affairs to make advances to the holder of a veteran's primary mortgage when such veteran: (1) is temporarily unemployed; (2) is at least six months delinquent in payments; and (3) has a reasonable prospect of being able to resume full payments within six months. Sets limits on the amount of assistance which may be advanced. Requires the veteran to repay the advance with interest at the rate specified by the Administrator for veterans' guaranteed loans within 54 months. States that if the veteran defaults on the mortgage despite the advances made, the advances do not reduce the obligation of the Administrator under the guaranty on the primary mortgage. Specifies that advances be made from the Direct Loan Revolving Fund established for veterans' loans. Makes the Administrator's decisions regarding advances final and nonreviewable. Terminates the advance program after two years.

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Documents

1 official file

• Introduced in House

  summary · EN · 19 April 1983

  Open at official source

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