Helping HOMES Act of 2020

Bill: 116-hr-8003
Sponsor: full_name: Rep. Evans, Dwight [D-PA-3]
Introduced: 2020-08-11
Policy area: Housing and Community Development
Subjects: Cardiovascular and respiratory health

Consumer affairs

Emergency medical services and trauma care

Foreign language and bilingual programs

Housing finance and home ownership

Infectious and parasitic diseases

Interest, dividends, interest rates
Latest action: action_date: 2020-08-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-08-11
action_desc: Introduced in House
text: <p><b>Helping Home Owners Maintain Economic Security Act of 2020 or the Helping HOMES Act of 2020 </b></p> <p>This bill expands and extends existing single-family and multifamily mortgage forbearance provisions for borrowers experiencing financial hardships due to the COVID-19 (i.e., coronavirus disease 2019) emergency. Specifically, forbearance may be extended to borrowers for up to 12 months. Currently, borrowers may receive 180 days of forbearance, with an extension of up to an additional 180 days. The bill also expands the forbearance provisions to apply to nonfederally backed mortgages. </p> <p>Mortgage servicers must notify borrowers of the availability of forbearance. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8003 IN THE HOUSE OF REPRESENTATIVES August 11, 2020 Mr. Evans (for himself and Mr. Clay ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the provision of notice to homeowners regarding available housing relief to respond to the COVID–19 pandemic, and for other purposes.

1. Short title This Act may be cited as the Helping Home Owners Maintain Economic Security Act of 2020 or the Helping HOMES Act of 2020 . 2. Notice to homeowners Section 4022 of the CARES Act ( 15 U.S.C. 9056 ) is amended— (1) by striking Federally backed mortgage loan ' each place such term appears and inserting covered mortgage loan ; (2) in subsection (a)— (A) by amending paragraph (2) to read as follows: (2) Covered mortgage loan The term covered mortgage loan means any credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a 1- to 4-unit dwelling or on residential real property that includes a 1- to 4-unit dwelling, except that it shall not include a credit transaction under an open end credit plan other than a reverse mortgage. ; and (B) by adding at the end the following new paragraph: (3) Covered period With respect to a loan, the term covered period means the period beginning on the date of enactment of this Act and ending 12 months after such date of enactment. ; and (3) by adding at the end the following new subsection: (d) Notice to homeowners of available relief During the period that begins 90 days after the date of the enactment of this subsection and ends upon the expiration of the covered period, each servicer of a covered mortgage loan shall— (1) make available in a clear and conspicuous manner on their web page accurate information for borrowers, in both English and Spanish language, regarding the availability of forbearance under subsection (b); (2) notify each borrower whose payments under a covered mortgage loan are or become 31 days delinquent in any oral communication with or to the borrower that the borrower may be eligible to request forbearance as provided under subsection (b), except that such notification shall not be required if the borrower already has obtained forbearance under subsection (b); and (3) provide to any borrower whose payments on the covered mortgage loan are or become 31 days delinquent, a notification in writing, in both English and Spanish language, not later than the 45th day of the delinquency of the borrower, that— (A) states that the borrower may be eligible for forbearance under this section; (B) states that the borrower may seek language assistance and general help through a housing counseling agency certified by the Department of Housing and Urban Development; and (C) provides information on how to find a counseling agency described in subparagraph (B). .