3.0.0 7126 2019-11-15T20:56:31Z 2019-11-15T20:56:31Z House H HR 2008-09-26 110 hsba00 Financial Services Committee House Standing Referred to 2008-09-26T13:04:50Z 2008-09-26 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-09-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-09-26 Introduced in House IntroReferral 1000 9 Library of Congress R000581 Rep. Richardson, Laura [D-CA-37] Laura Richardson D CA 37 N Housing and Community Development Banking and financial institutions regulation Consumer affairs Consumer credit Housing finance and home ownership Real estate business Housing and Community Development 00 2008-09-26 Introduced in House 2009-01-07T19:42:43Z Housing Options Made Effective Act or the HOME Act - Requires the mortgagee of a residential mortgage to: (1) file a specified notice of default before foreclosure; and (2) make direct contact with, or exercise due diligence to contact, the borrower to provide foreclosure avoidance options.

Prescribes loan modification and workout plan duties for loan servicers.

Requires that timely payments made under a loan modification or workout plan be reported to the appropriate consumer reporting agency and included in the borrower's consumer file and consumer report.

Requires a covered residential mortgage agreement to grant the borrower and the mortgagee the right to negotiate a loan modification or workout plan if: (1) the mortgage is in payment default or payment default is reasonably foreseeable; or (2) the mortgagee's anticipated recovery under a loan workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.

Prohibits the mortgagee from refusing partial mortgage payments. Requires the mortgagee to credit such partial payments to the borrower's account .

States that mortgagee acceptance of partial payments does not affect determination of mortgage default.

Sets forth the rights of renters in a property foreclosure, including a tenant right to occupy the property under a lease entered into prior to foreclosure.

Requires a mortgagee, where a judicial or non-judicial foreclosure has been initiated, to file a notice of sale in a public filing or recordation office before the foreclosure sale.

]]> HOME Act Short Titles as Introduced HOME Act Short Titles as Introduced Housing Options Made Effective Act Display Title HOME Act Official Title as Introduced To provide stability to the housing market in the United States by providing diligent notice and options to homeowners facing the risk of foreclosure, providing alternatives to the homeowner and mortgagee that can assist in the retention of the home while meeting the financial obligations to ensure that the mortgagee will be made whole, and providing protections to renters of properties subject to mortgages in foreclosure, and for other purposes. Introduced in House 2008-09-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7126ih/xml/BILLS-110hr7126ih.xml 2008-09-26 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.