legislation: 116-s-3509
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 116-s-3509 | 116 | s | 3509 | A bill to provide borrowers the right to request forbearance on mortgage loan payments due to a declared disaster, and for other purposes. | Housing and Community Development | 2020-03-17 | 2020-03-17 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate | Sen. Brown, Sherrod [D-OH] | OH | D | B000944 | 3 | 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. | 2022-02-09T01:57:05Z |