12 USC § 2702 - Mortgages eligible for assistance
No assistance shall be extended with respect to any mortgage under this chapter unless—
(2)
the mortgagor and holder of the mortgage have certified that circumstances make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this chapter;
(4)
the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions or medical conditions and is financially unable to make full mortgage payments;
No assistance shall be extended with respect to any mortgage under this chapter unless—
(2)
the mortgagor and holder of the mortgage have indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) and to any agency or department of the Federal Government responsible for the regulation of the holder that circumstances (such as the volume of delinquent loans in its portfolio) make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this chapter, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this chapter;
(4)
the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions and is financially unable to make full mortgage payments;
Source
(Pub. L. 94–50, title I, § 103,July 2, 1975, 89 Stat. 249; Pub. L. 111–203, title XIV, § 1496(b)(1),July 21, 2010, 124 Stat. 2207.)
Amendment of Section
Pub. L. 111–203, title XIV, §§ 1400(c), 1496(b)(1),July 21, 2010, 124 Stat. 2136, 2207, provided that this section is amended, effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date: (1) in paragraph (2)— (A) by substituting “have certified” for “have indicated” and all that follows through “regulation of the holder”; (B) by striking out “(such as the volume of delinquent loans in its portfolio)”; and (C) by striking out “, except that such statement” and all that follows through “purposes of this chapter”; and (2) in paragraph (4), by inserting “or medical conditions” after “adverse economic conditions”. See Effective Date of 2010 Amendment note below.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) ofPub. L. 111–203, set out as a note under section
1601 of Title
15, Commerce and Trade.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Wednesday, February 6, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
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