What is Emergency Mortgage Relief?

Now that people have heard about the Emergency Relief Act,
you may wonder what it is and what does it do...

So, let's look at excerpts of the government document to see
why the law was written and who qualifies for relief from foreclosure
of their home under Emergency Mortgage Relief.

12 USC CHAPTER 28 - EMERGENCY MORTGAGE RELIEF                                     
01/03/2007

STATUTE-
(a) The Congress finds that -

(1) the Nation is in a severe recession and that the sharp
downturn in economic activity has driven large numbers of
workers into unemployment and has reduced the incomes
of many others

(2) as a result of these adverse economic conditions the
capacity of many homeowners to continue to make mortgage
payments has deteriorated and may further deteriorate
in the months aheadleading to the possibility of widespread
mortgage foreclosures and distress sales of homes; and


(3) many of these homeowners could retain their homes with
with temporary financial assistance until economic
conditions improve

(b) It is the purpose of this chapter to provide a
standby authority which will prevent widespread mortgage 
foreclosures and distress sales of homes
resulting from the temporary 
loss of employment and income through a program of
emergency loans and advances and emergency mortgage relief
payments to homeowners to defray mortgage expenses.

So, the Law is written, basically, to prevent the
"possibility of widespread mortgage foreclosures and
distress sales of homes..."

Since the homeowner has only one home this was obviously
written to provide some solutions for the Lenders and
Loan Servicers of the mortgages...

Next, let's look at how the Homeowner can qualify for any
mortgage relief...

Sec. 2702. MORTGAGES ELIGIBLE FOR ASSISTANCE

-STATUTE-
 No assistance shall be extended with respect
to any mortgage under this chapter unless -

(1) the holder of the mortgage has indicated 
        to the mortgagor its intention to foreclose;

(2) the mortgagor and holder of the mortgage have
indicated in writing to the Secretary of Housing and
Urban Development(hereinafter referred to as the
"Secretary") and to any agency or department of
the Federal Government responsible for the regulation
of the holder that circumstances (such as the volume
of delinquent loans in its portfolio) 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, except
that such statement by the holder of the mortgage
may be waived by the Secretary if, in is judgment
such waiver would further the purpose
of this chapter;

(3) payments under the mortgage
have been delinquent for at least
three months;

(4) the mortgagor has incurred a substantial
reduction in income as a result of involuntary
 unemployment or underemployment due to adverse
economic conditions and is financially unable to
make full mortgage payments;

(5) there is a reasonable prospect that
the mortgagor will be able to make the adjustments
necessary for a full resumption of
mortgage payments; and

(6) the mortgaged property is the
principal residence of the mortgagor.


-SOURCE-
(Pub.L. 94-50,title I, Sec. 103,July 2,1975,89 Stat.249.)


SO, IN SUMMARY: Under this emergency mortgage relief you must:

• Be a homeowner (primary residence/live in the home-not an investment)
• The note holder intends to foreclose
• Must be delinquent minimum of 3 months (behind in payments 90 days or more)
• involuntary unemployment or "underemployment (as hardship)
• reasonable assumption that, with this relief, future payment can and will be made
  

BUT THIS IS NOT
THE FULL STORY OF MORTGAGE RELIEF!

There are many
consumer loans which
have violations during the .
creation of existing mortgages...

Violations of predatory lending,
non-disclosure of fees and rates, etc.
Mortgage Relief
can come in many different ways...

These Loans
CAN ALSO QUALIFY
FOR RELIEF IN OTHER WAYS...

• You MUST be a Homeowner to qualify for Mortgage Relief...FALSE
• ONLY a Resident Homeowner can have loan modified now...FALSE
• Unemployment is the ONLY excuse for being behind...FALSE
• You MUST be in Foreclosure before you qualify for relief...FALSE
• You MUST be Behind in your Payments to qualify for help...FALSE
  

You CAN GET HELP...Even if you are NOT in FORECLOSURE,
Even if you are NOT Behind in your Payments
Even if you are NOT a Homeowner...Investors qualify too
GET A FREE ANALYSIS OF YOUR MORTGAGE LOAN TODAY at:

MORTGAGES ELIGIBLE FOR ASSISTANCE--free review
CREDIT REPAIR                               free Tutorial Video