15 USC 9056 - Foreclosure moratorium and consumer right to request forbearance

U.S Code last checked for updates: Nov 23, 2024

§ 9056.

Foreclosure moratorium and consumer right to request forbearance

(a)

Definitions

In this section:

(1)

COVID–19 emergency

(2)

Federally backed mortgage loan

The term “Federally backed mortgage loan” includes any loan which is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1- to 4- families that is—

(A)

insured by the Federal Housing Administration under title II of the National Housing Act (12 U.S.C. 1707 et seq.);

(B)

insured under section 255 of the National Housing Act (12 U.S.C. 1715z–20);

(C)

guaranteed under section 1715z–13a or 1715z–13b of title 12;

(D)

guaranteed or insured by the Department of Veterans Affairs;

(E)

guaranteed or insured by the Department of Agriculture;

(F)

made by the Department of Agriculture; or

(G)

purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.

(b)

Forbearance

(1)

In general

During the covered period, a borrower with a Federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID–19 emergency may request forbearance on the Federally backed mortgage loan, regardless of delinquency status, by—

(A)

submitting a request to the borrower’s servicer; and

(B)

affirming that the borrower is experiencing a financial hardship during the COVID–19 emergency.

(2)

Duration of forbearance

(3)

Accrual of interest or fees

(c)

Requirements for servicers

(1)

In general

(2)

Foreclosure moratorium

(Pub. L. 116–136, div. A, title IV, § 4022, Mar. 27, 2020, 134 Stat. 490.)

cite as: 15 USC 9056