PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 17, 2020
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.
People & committees
Sen. Brown, Sherrod [D-OH] · D–OH
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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