Mortgage Foreclosure Information

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FORECLOSURE MORATORIUM
FOR MORTGAGE LOANS

Helping Families Save Their Homes Act.
FORECLOSURE MORATORIUM PROVISIONS



In General- It is the sense of the Congress that mortgage holders, institutions, and mortgage servicers should not initiate a foreclosure proceeding or a foreclosure sale on any homeowner until the foreclosure mitigation provisions, like the Hope for Homeowners program, as required under title II, and the President's `Homeowner Affordability and Stability Plan' have been implemented and determined to be operational by the Secretary of Housing and Urban Development and the Secretary of the Treasury.


The foreclosure moratorium should apply only for first mortgages secured by the owner's principal dwelling.


Duty of Consumer to Maintain Property - Any homeowner for whose benefit any foreclosure proceeding or sale is barred should not, with respect to any property securing such mortgage, destroy, damage, or impair such property, allow the property to deteriorate, or commit waste on the property.
Duty of Consumer to Respond to Reasonable Inquiries - Any homeowner for whose benefit any foreclosure proceeding or sale is barred should respond to reasonable inquiries from a creditor or servicer during the period during which such foreclosure proceeding or sale is barred.
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