Emergency Mortgage Foreclosure Avoidance Act of 1985 - Amends the National Housing Act to require (current law authorizes) the Secretary of Housing and Urban Development to provide temporary mortgage assistance payments to eligible mortgagor-homeowners.
Requires notice and a waiting period before a mortgagee may accelerate, foreclose, or take any legal action on a mortgage.
Requires (current law authorizes) the Secretary to acquire a mortgage in order to avoid foreclosure, and to assist the mortgagor after such acquisition.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
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