12 U.S.C. § 2703 : US Code - Section 2703: Manner of assistance and repayment

Search 12 U.S.C. § 2703 : US Code - Section 2703: Manner of assistance and repayment

(a) Form of assistance
Assistance under this chapter with respect to a mortgage which
meets the requirements of section 2702 of this title may be
provided in the form of emergency mortgage relief loans and
advances of credit insured pursuant to section 2704 of this title
or in the form of emergency mortgage relief payments made by the
Secretary pursuant to section 2705 of this title.
(b) Amount of assistance
Assistance under this chapter on behalf of a homeowner may be
made available in an amount up to the amount of the principal,
interest, taxes, ground rents, hazard insurance, and mortgage
insurance premiums due under the homeowner's mortgage, but such
assistance shall not exceed the lesser of $250 per month or the
amount determined to be reasonably necessary to supplement such
amount as the homeowner is capable of contributing toward such
mortgage payment.
(c) Monthly payments; extension of time; report of increase in
income
Monthly payments may be provided under this chapter either with
the proceeds of an insured loan or advance of credit or with
emergency mortgage relief payments for up to twelve months, and, in
accordance with criteria prescribed by the Secretary, such monthly
payments may be extended once for up to twelve additional months. A
mortgagor receiving the benefit of mortgage relief assistance
pursuant to this chapter shall be required, in accordance with
criteria prescribed by the Secretary, to report any increase in
income which will permit a reduction or termination of such
assistance during this period.
(d) Conditions and terms of repayment; interest rate
Emergency loans or advances of credit made and insured under
section 2704 of this title, and emergency mortgage relief payments
made under section 2705 of this title, shall be repayable by the
homeowner upon such terms and conditions as the Secretary shall
prescribe, except that interest on a loan or advance of credit
insured under section 2704 of this title or emergency mortgage
relief payments made under section 2705 of this title shall not be
charged at a rate which exceeds the maximum interest rate
applicable with respect to mortgages insured pursuant to section
1709(b) of this title.
(e) Deferral of commencement of repayment; security for repayment
The Secretary may provide for the deferral of the commencement of
the repayment of a loan or advance insured under section 2704 of
this title or emergency mortgage relief payments made under section
2705 of this title until one year following the date of the last
disbursement of the proceeds of the loan or advance or payments or
for such longer period as the Secretary determines would further
the purpose of this chapter. The Secretary shall by regulation
require such security for the repayment of insured loans or
advances of credit or emergency mortgage relief payments as he
deems appropriate and may require that such repayment be secured by
a lien on the mortgaged property.