This legislation aims to provide crucial financial relief to homeowners and multifamily property owners affected by major disasters or emergencies. It establishes a program for forbearance of loan payments for borrowers with federally-backed mortgage loans whose properties are damaged or destroyed within a Presidentially-declared disaster area. To qualify, a borrower must submit a written request to their servicer and provide documentation of verifiable property damage. Upon receipt, the servicer is mandated to grant an initial 180-day forbearance , which can be extended for an additional 180 days upon request, irrespective of the loan's current delinquency status. A significant protection under this bill is that during the forbearance period, no additional fees, penalties, or interest beyond the amounts scheduled as if payments were made on time will accrue on the borrower's account. Borrowers also retain the right to discontinue the forbearance at any time.