---
kind: "section"
citation: "12 U.S.C. § 2702"
title: "12"
title_heading: "Banks and Banking"
number: "2702"
heading: "Mortgages eligible for assistance"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2702"
units:
  - "Chapter 28 — Emergency Mortgage Relief"
---

# §2702. Mortgages eligible for assistance


No assistance shall be extended with respect to any [mortgage](/usc/12/1707.md?p=a) under this chapter unless—

- (1) the holder of the [mortgage](/usc/12/1707.md?p=a) has indicated to the [mortgagor](/usc/12/1707.md?p=b) its intention to foreclose;
- (2) the [mortgagor](/usc/12/1707.md?p=b) and holder of the [mortgage](/usc/12/1707.md?p=a) have certified that circumstances make it probable that there will be a foreclosure and that the [mortgagor](/usc/12/1707.md?p=b) is in need of emergency [mortgage](/usc/12/1707.md?p=a) relief as authorized by this chapter;
- (3) payments under the [mortgage](/usc/12/1707.md?p=a) have been delinquent for at least three months;
- (4) the [mortgagor](/usc/12/1707.md?p=b) 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](/usc/12/1707.md?p=a) payments;
- (5) there is a reasonable prospect that the [mortgagor](/usc/12/1707.md?p=b) will be able to make the adjustments necessary for a full resumption of [mortgage](/usc/12/1707.md?p=a) payments; and
- (6) the mortgaged property is the principal residence of the [mortgagor](/usc/12/1707.md?p=b).

## Source credit

(Pub. L. 94–50, title I, § 103, July 2, 1975, 89 Stat. 249; Pub. L. 111–203, title XIV, § 1496(b)(1), July 21, 2010, 124 Stat. 2207.)

## Notes

### Editorial Notes

### Amendments

2010—Par. (2). Pub. L. 111–203, § 1496(b)(1)(A), substituted “have certified” for “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” and struck out “(such as the volume of delinquent loans in its portfolio)” after “circumstances” and “, except that such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this chapter” after “by this chapter”.

Par. (4). Pub. L. 111–203, § 1496(b)(1)(B), inserted “or medical conditions” after “adverse economic conditions”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.