H.R. 2928

119 HR 2928 IH: Mortgage Relief for Disaster Survivors Act
 U.S. House of Representatives
 2025-04-17
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 I  119th CONGRESS  1st Session  H. R. 2928  IN THE HOUSE OF REPRESENTATIVES   April 17, 2025   Ms. Chu  (for herself,  Mr. Sherman ,  Ms. Sánchez ,  Ms. Friedman ,  Mr. Fields ,  Mr. Gomez ,  Mr. Correa ,  Ms. Pressley ,  Ms. Tokuda ,  Mr. Thanedar ,  Mr. Huffman ,  Mr. Neguse , and  Ms. Garcia of Texas ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
To provide forbearance assistance during a major disaster or emergency, and for other purposes.
1.
Short title
This Act may be cited as the   Mortgage Relief for Disaster Survivors Act  .
2.
Forbearance of loan payments for borrowers of properties with Federally backed loans
(a)
In general
With respect to any disaster, a borrower with a covered mortgage loan for a property located within the disaster area that is damaged or destroyed by such disaster may request a forbearance on such loan during the covered period.
(b)
Request for forbearance
A borrower described in subsection (a) may request a forbearance by—
(1)
submitting a written request for a forbearance to the borrower’s servicer; and
(2)
providing documentation of verifiable damage or destruction to the property.
(c)
Grant of forbearance
(1)
In general
Upon receiving a request for a forbearance from a borrower described in subsection (a), the borrower’s servicer shall grant a forbearance—
(A)
for a duration of 180 days; and
(B)
regardless of the delinquency status of the covered mortgage loan.
(2)
Extension of forbearance
At any time during the forbearance, a borrower may request an extension, of not more than 180 days, of the duration described in paragraph (1).
(d)
Right To discontinue
A borrower described in subsection (a) may request to discontinue the forbearance at any time.
(e)
Accrual
During any forbearance granted under subsection (c), no fees, penalties, or interest (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) shall accrue on the borrower’s account.
3.
Definitions
In this Act:
(1)
Covered mortgage loan
The  covered mortgage loan  means—
(A)
a Federally backed mortgage loan; or
(B)
a Federally backed multifamily mortgage loan.
(2)
Covered period
The term  covered period  means the period beginning on the date of the declaration of a disaster and ending on the date that such declaration ends.
(3)
Disaster
The term  disaster  means any major disaster or emergency declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq. ).
(4)
Disaster area
The term  disaster area  means, with respect to a disaster, any area that is subject to the declaration of such disaster.
(5)
Federally backed mortgage loan
The term  Federally backed mortgage loan  includes any loan (other than temporary financing, such as a construction loan) that is—
(A)
secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1 to 4 families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and
(B)
purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
(6)
Federally backed multifamily mortgage loan
The term  Federally backed multifamily mortgage loan  includes any loan (other than temporary financing, such as a construction loan) that is—
(A)
secured by a first or subordinate lien on residential multifamily real property designed principally for the occupancy of 5 or more families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and
(B)
purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.