Federal · Title 12 — Banks and Banking
12 U.S.C. § 2702: Mortgages eligible for assistance
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the holder of the mortgage has indicated to the mortgagor its intention to foreclose; the mortgagor and holder of the mortgage have certified that circumstances make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this chapter; payments under the mortgage have been delinquent for at least three months; the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions or medical conditions and is financially unable to make full mortgage payments; there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and the mortgaged property is the principal residence of the mortgagor.
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