Foreclosure Forbearance Standards Act

Summary

Foreclosure Forebearance Standards Act - Requires any person who makes a federally related mortgage loan to maintain facilities sufficient to assure availability to the mortgagor 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 of foreclosure 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 attorneys fees. Provides that any mortgagee who fails to comply with such stated requirements shall no longer be eligible for Federal assistance.

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1 official file

• Introduced in House

  summary · EN · 9 February 1977

  Open at official source

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