Mortgage Relief for Disaster Survivors Act

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.

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.

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.

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).

A borrower described in subsection (a) may request to discontinue the forbearance at any time.

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.

The covered mortgage loan means—

(A) a Federally backed mortgage loan; or

(B) a Federally backed multifamily mortgage loan.

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.

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.).

The term disaster area means, with respect to a disaster, any area that is subject to the declaration of such disaster.

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.

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.