H.R. 4848 · 112th Congress
Save Our Neighborhoods Act of 2012
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ClarkeSponsor12 cosponsors · 12 D
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Conyers
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Cleaver
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Clarke
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Carson
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Ellison
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Grijalva
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Jackson
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Kucinich11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Save Our Neighborhoods Act of 2012 - Authorizes a mortgagor of a property subject to a federally related mortgage loan to file a motion before a court in the jurisdiction in which the property is located for an order to: (1) stay any foreclosure proceedings brought against the property; (2) remain in effect for up to three years; (3) prohibit the assessment…
What it does: CRS summary · Introduced in House · Apr 26, 2012
Save Our Neighborhoods Act of 2012 - Authorizes a mortgagor of a property subject to a federally related mortgage loan to file a motion before a court in the jurisdiction in which the property is located for an order to: (1) stay any foreclosure proceedings brought against the property; (2) remain in effect for up to three years; (3) prohibit the assessment or collection of any late fees regarding payments on such loan; (4) toll the statute of limitations for any other applicable laws pertaining to such loan; (5) require the mortgagor to make payments in an appropriate amount to the mortgagee at appropriate times; and (6) require the mortgagee to apply such payments first to any taxes owed on the property, and then to property insurance obligations, interest due, and the mortgage principal due.
Requires the court, if an order terminates before the mortgagor and mortgagee have submitted an agreement to the court, to enter an order: (1) ordering an appraisal by an approved licensed appraiser to determine the property's fair market value; (2) adjusting the principal amount to the property's fair market value if that value is less than the principal remaining on the mortgage loan; (3) ordering reasonable interest on the principal so adjusted, based on the average prime offer rate for mortgages; and (4) ordering payments set at a reasonable interest rate on the principal remaining on the mortgage loan, based on the average prime offer rate for mortgages on that date, if the fair market value is greater than the remaining principal.
Requires: (1) the court, on the date such motion is filed, to stay any foreclosure proceedings that have been brought against the property; (2) the mortgagor and mortgagee to meet after the mortgagor files the motion; and (3) the mortgagee to provide the mortgagor with a list of approved local housing counseling agencies.
Requires the foreclosure stay order to terminate if the mortgagor and mortgagee execute a consensually modified mortgage agreement within 60 days after the grant of the stay.
Authorizes the Director of the Consumer Financial Protection Bureau of the Federal Reserve System to make rules or issue guidance to carry out this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Save Our Neighborhoods Act of 2012
Latest action (Jun 1, 2012): Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Policy area: Housing and Community Development · Origin: House · Introduced: Apr 26, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.