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U.S. Code as of:
01/19/04
Section 2702. Mortgages eligible for assistance
No assistance shall be extended with respect to any mortgage
under this chapter unless -
(1) the holder of the mortgage has indicated to the mortgagor
its intention to foreclose;
(2) the mortgagor and holder of the mortgage have indicated in
writing to the Secretary of Housing and Urban Development
(hereinafter referred to as the "Secretary") and to any agency or
department of the Federal Government responsible for the
regulation of the holder that circumstances (such as the volume
of delinquent loans in its portfolio) make it probable that there
will be a foreclosure and that the mortgagor is in need of
emergency mortgage relief as authorized by this chapter, except
that such statement by the holder of the mortgage may be waived
by the Secretary if in his judgment such waiver would further the
purposes of this chapter;
(3) payments under the mortgage have been delinquent for at
least three months;
(4) the mortgagor has incurred a substantial reduction in
income as a result of involuntary unemployment or underemployment
due to adverse economic conditions and is financially unable to
make full mortgage payments;
(5) there is a reasonable prospect that the mortgagor will be
able to make the adjustments necessary for a full resumption of
mortgage payments; and
(6) the mortgaged property is the principal residence of the
mortgagor.
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