S. 3509 · 116th Congress
A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared…
Full title
A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BrownSponsor3 cosponsors · 3 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill suspends foreclosures and establishes a forbearance program for certain federally backed mortgages during the coronavirus (i.e., the virus that causes COVID-19) outbreak and other disasters.
What it does: CRS summary · Introduced in Senate · Mar 17, 2020
This bill suspends foreclosures and establishes a forbearance program for certain federally backed mortgages during the coronavirus (i.e., the virus that causes COVID-19) outbreak and other disasters.
Specifically, during the coronavirus outbreak or in an area where another disaster has been declared, a federally backed mortgage servicer is (1) prohibited from initiating a foreclosure, and (2) must suspend any foreclosure procedures. These requirements are lifted 180 days after such a declaration.
Borrowers experiencing financial hardships due to the coronavirus outbreak or other disaster may request a forbearance on their federally backed mortgage payment for 180 days, which may be extended for an additional 180 days at the borrower's request. A servicer may not charge fees, interest, or other penalties in connection with the forbearance. Before the end of the forbearance period, a servicer must evaluate a borrower's ability to make regular mortgage payments. If the borrower is unable to return to making regular payments, the servicer must evaluate the borrower for certain loan modification options.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes.
Latest action (Mar 17, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Mar 17, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.