Foreclosure Forebearance Standards Act - Requires any person who makes a federally related mortgage loan to maintain facilities sufficient to assure availability to the mortgagor of information concerning such mortgage. States that within 60 days after payments on a mortgage become delinquent and within 30 days before the initiation of any foreclosure proceedings the following must occur: (1) a meeting with the mortgagor to work out a repayment plan; and (2) a transfer of information with respect to such proceedings to the mortgagor.
Places restraints on the initiation of foreclosure proceedings, including the requirement that a mortgagee refrain from instituting such proceedings until at least three full monthly installments are due and unpaid, except where the mortgagor abandons the secured property. States that a mortgagee must cease foreclosure proceedings where a mortgagor tenders the total amount due plus attorneys fees.
Provides that any mortgagee who fails to comply with such stated requirements shall no longer be eligible for Federal assistance.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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