H.R. 3587 would establish a program to assist homeowners experiencing unavoidable, temporary difficulty making payments on mortgages insured under the National Housing Act.
Detailed Summary
Homeowners' Emergency Mortgage Assistance Act - Directs the Secretary of Housing and Urban Development to establish a mortgage emergency assistance program for qualifying homeowners with National Housing Act-insured mortgages who are temporarily unable to meet their obligations due to financial hardship beyond their control.
Requires: (1) homeowner repayment of such assistance and interest; and (2) certain conditions to be met before legal action may be taken against a qualifying homeowner, including providing the homeowner with program notice.
Status of the Legislation
Latest Major Action: 9/19/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
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