3.0.0 3509 2022-02-09T01:57:05Z 2022-02-09T09:51:58Z Senate S 2020-03-17 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-03-17T21:39:04Z 2020-03-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-03-17 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N J000300 Sen. Jones, Doug [D-AL] Doug Jones D AL 2020-03-23 False B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2020-03-23 False W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2020-03-23 False Housing and Community Development Banking and financial institutions regulation Cardiovascular and respiratory health Civil actions and liability Disaster relief and insurance Emergency medical services and trauma care Housing finance and home ownership Infectious and parasitic diseases Interest, dividends, interest rates Housing and Community Development 00 2020-03-17 Introduced in Senate 2021-02-16T17:24:08Z 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.

]]> A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes. Display Title A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes. Official Title as Introduced A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-03-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3509is/xml/BILLS-116s3509is.xml 2020-03-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.