This bill establishes repayment terms for federally-related mortgages in forbearance as part of existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs. Specifically, the term of such a mortgage must be extended for the same length of time as the length of the forbearance. Additionally, the payments due during the forbearance must be evenly distributed across future payments with no additional interest or fees beyond amounts otherwise due had the borrower made such payments on time and in full.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Housing and Community Development
Cardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesHousing finance and home ownershipInfectious and parasitic diseasesInterest, dividends, interest rates
To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes.
USA116th CongressHR-6632| House
| Updated: 4/28/2020
This bill establishes repayment terms for federally-related mortgages in forbearance as part of existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs. Specifically, the term of such a mortgage must be extended for the same length of time as the length of the forbearance. Additionally, the payments due during the forbearance must be evenly distributed across future payments with no additional interest or fees beyond amounts otherwise due had the borrower made such payments on time and in full.
Cardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesHousing finance and home ownershipInfectious and parasitic diseasesInterest, dividends, interest rates