Emergency Homeowners Relief Act of 1983

Summary

Emergency Homeowners' Relief Act of 1983 - Requires the Secretary of Housing and Urban Development to make emergency mortgage relief advances to mortgagees on behalf of certain delinquent mortgagors when, for three consecutive months, the amount of delinquent loans exceeds a specified percentage of the amount of all loans accounted for in the mortgage delinquency series maintained by the Federal Home Loan Bank Board. Directs the Secretary to provide such assistance in a State located in a Federal home loan bank district for which such mortgage delinquency rate exists, regardless of whether such rate exists for the entire nation. Provides for the discontinuation and reinstitution of such assistance on the basis of such delinquency rate. Lists conditions for assistance eligibility which include requirements that: (1) foreclosure would result without such assistance; (2) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions and is unable to make full mortgage payments; (3) there is a reasonable prospect that the mortgagor will be able to resume making full mortgage payments; and (4) the mortgaged property is the principal residence of the mortgagor. Limits the amount of a monthly advance to the least of: (1) 80 percent of the mortgagor's monthly housing expenses; (2) $600; or (3) the amount necessary to supplement the amount the mortgagor is capable of contributing. Limits the duration of such assistance to 12 months, plus any period of delinquency, with a six-month extension authorized. Directs assistance recipients to report increases in income to the Secretary. Declares that assistance under this Act shall be repaid and secured as prescribed by the Secretary. Sets forth the authority of the Secretary to recapture such assistance. Requires the Secretary and specified Federal agencies that supervise financial institutions or mortgagees to waive or relax limitations on the operations of such institutions with respect to mortgage delinquencies in order to encourage forebearance in residential loan foreclosure. Requires each financial institution or mortgagee to notify the supervisory agency and the mortgagor at least 30 days before instituting foreclosure proceedings. Authorizes appropriations.

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1 official file

• Introduced in Senate

  summary · EN · 3 February 1983

  Open at official source

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