Emergency Home Foreclosure Relief Act of 1985

Summary

Emergency Home Foreclosure Relief Act of 1985 - Requires the implementation of a home credit emergency plan in each State or home credit region in which the Secretary of Housing and Urban Development determines a home credit emergency exists (based upon home loan delinquencies and unemployment). Includes within such plan provisions for: (1) temporary moratoriums on home loan foreclosures; and (2) home credit emergency mediation boards which shall attempt to arrange creditor-home owner agreements. Requires the chief executive of any State where an emergency is declared to submit an emergency plan to the Secretary for approval. Directs the Secretary to devise a standard plan to replace disapproved State plans. Requires the States to implement approved or standard plans. Authorizes the Secretary to provide repayment guarantees or direct assistance to specified debtors. Sets forth eligibility criteria. States that the filing by a debtor of a petition for assistance under this Act shall act as a stay against foreclosure until: (1) a creditor-debtor agreement is reached; (2) the Secretary denies a petition for repayment guarantees or direct assistance; or (3) the period of such assistance payments expires. Authorizes appropriations.

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1 official file

• Introduced in House

  summary · EN · 12 September 1985

  Open at official source

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