Mortgage Relief for Disaster Survivors Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2928 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 2928

To provide forbearance assistance during a major disaster or emergency, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2025

   Ms. Chu (for herself, Mr. Sherman, Ms. Sanchez, Ms. Friedman, Mr. 
Fields, Mr. Gomez, Mr. Correa, Ms. Pressley, Ms. Tokuda, Mr. Thanedar, 
   Mr. Huffman, Mr. Neguse, and Ms. Garcia of Texas) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To provide forbearance assistance during a major disaster or emergency, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Relief for Disaster 
Survivors Act''.

SEC. 2. FORBEARANCE OF LOAN PAYMENTS FOR BORROWERS OF PROPERTIES WITH 
              FEDERALLY BACKED LOANS.

    (a) In General.--With respect to any disaster, a borrower with a 
covered mortgage loan for a property located within the disaster area 
that is damaged or destroyed by such disaster may request a forbearance 
on such loan during the covered period.
    (b) Request for Forbearance.--A borrower described in subsection 
(a) may request a forbearance by--
            (1) submitting a written request for a forbearance to the 
        borrower's servicer; and
            (2) providing documentation of verifiable damage or 
        destruction to the property.
    (c) Grant of Forbearance.--
            (1) In general.--Upon receiving a request for a forbearance 
        from a borrower described in subsection (a), the borrower's 
        servicer shall grant a forbearance--
                    (A) for a duration of 180 days; and
                    (B) regardless of the delinquency status of the 
                covered mortgage loan.
            (2) Extension of forbearance.--At any time during the 
        forbearance, a borrower may request an extension, of not more 
        than 180 days, of the duration described in paragraph (1).
    (d) Right To Discontinue.--A borrower described in subsection (a) 
may request to discontinue the forbearance at any time.
    (e) Accrual.--During any forbearance granted under subsection (c), 
no fees, penalties, or interest (beyond the amounts scheduled or 
calculated as if the borrower made all contractual payments on time and 
in full under the terms of the mortgage contract) shall accrue on the 
borrower's account.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Covered mortgage loan.--The ``covered mortgage loan'' 
        means--
                    (A) a Federally backed mortgage loan; or
                    (B) a Federally backed multifamily mortgage loan.
            (2) Covered period.--The term ``covered period'' means the 
        period beginning on the date of the declaration of a disaster 
        and ending on the date that such declaration ends.
            (3) Disaster.--The term ``disaster'' means any major 
        disaster or emergency declared by the President under the 
        Robert T. Stafford Disaster Relief and Emergency Assistance Act 
        (42 U.S.C. 4121 et seq.).
            (4) Disaster area.--The term ``disaster area'' means, with 
        respect to a disaster, any area that is subject to the 
        declaration of such disaster.
            (5) Federally backed mortgage loan.--The term ``Federally 
        backed mortgage loan'' includes any loan (other than temporary 
        financing, such as a construction loan) that is--
                    (A) 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, including 
                any such secured loan, the proceeds of which are used 
                to prepay or pay off an existing loan secured by the 
                same property; and
                    (B) purchased or securitized by the Federal Home 
                Loan Mortgage Corporation or the Federal National 
                Mortgage Association.
            (6) Federally backed multifamily mortgage loan.--The term 
        ``Federally backed multifamily mortgage loan'' includes any 
        loan (other than temporary financing, such as a construction 
        loan) that is--
                    (A) secured by a first or subordinate lien on 
                residential multifamily real property designed 
                principally for the occupancy of 5 or more families, 
                including any such secured loan, the proceeds of which 
                are used to prepay or pay off an existing loan secured 
                by the same property; and
                    (B) purchased or securitized by the Federal Home 
                Loan Mortgage Corporation or the Federal National 
                Mortgage Association.
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