To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes.

Bill: 117-hr-162
Sponsor: full_name: Rep. Soto, Darren [D-FL-9]
Introduced: 2021-01-04
Policy area: Housing and Community Development
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Housing finance and home ownership

Infectious and parasitic diseases

Interest, dividends, interest rates
Latest action: action_date: 2021-01-04
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-01-04
action_desc: Introduced in House
text: <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 162 IN THE HOUSE OF REPRESENTATIVES January 4, 2021 Mr. Soto introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes.

1. Repayment terms for mortgages in forbearance (a) In general The CARES Act ( Public Law 116–136 ) is amended by inserting after section 4022 the following: 4022A. Repayment terms for mortgages in forbearance (a) In general With respect to a federally related mortgage loan with respect to which a forbearance was granted during the COVID–19 emergency period (either pursuant to this Act or any other Federal law or voluntarily by the servicer of such mortgage loan), the servicer of such mortgage loan shall modify the borrower’s loan to extend the term for the same period as the length of the forbearance, with all payments that were not made during the forbearance distributed at the same intervals as the borrower’s existing payment schedule and evenly distributed across those intervals, with no penalties, late fees, additional interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance, and with no modification fee charged to the borrower. (b) Enforcement The enforcement authority provided under the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2601 et seq.) shall apply to this section. (c) Definitions In this section: (1) Federally related mortgage loan The term federally related mortgage loan has the meaning given that term under section 3 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602 ). (2) Covid–19 emergency period The term COVID–19 emergency period means the period between— (A) March 13, 2020, the date on which the President declared a national emergency concerning the novel coronavirus disease (COVID–19) outbreak under the National Emergencies Act ( 50 U.S.C. 1601 et seq.); and (B) December 31, 2021. . (b) Clerical amendment The table of contents for the CARES Act is amended by inserting after the item relating to section 4022 the following: Sec. 4022A. Repayment terms for mortgages in forbearance. .