Book Description

Emergency Homeowners Loan Program (US Department of Housing and Urban Development Regulation) (HUD) (2018 Edition) The Law Library presents the complete text of the Emergency Homeowners Loan Program (US Department of Housing and Urban Development Regulation) (HUD) (2018 Edition). Updated as of May 29, 2018 This interim rule reinstates, with certain modifications, regulations that HUD formerly published to serve as the framework by which emergency relief may be provided to homeowners experiencing temporary involuntary loss of employment or underemployment resulting in a substantial reduction in income due to adverse economic conditions, and who consequently are financially unable to make full mortgage payments. These regulations were promulgated following enactment of the Emergency Homeowners' Relief Act of 1975. This 1975 statute provided standby authority to the Secretary to insure or make loans to homeowners to defray mortgage expenses, so as to prevent widespread mortgage foreclosures and distress sales of homes resulting from a homeowner's substantial reduction income. Although the 1975 regulations were quickly put in place, they were not utilized, and HUD eventually removed the regulations from the Code of Federal Regulations (CFR) in 1995. This book contains: - The complete text of the Emergency Homeowners Loan Program (US Department of Housing and Urban Development Regulation) (HUD) (2018 Edition) - A table of contents with the page number of each section