,i #aac? ,,congress #b;d ,session ,h4 ,r4 #ecif ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #a1 #bjad ,ms4 ,mi*elle ,lujan ,gri%am ( ,new ,mexico introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to require s]vic]s to e/abli% a de$-=-lease program "u :i* eligible mortgagors may rema9 9 _! homes z r5t]s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,keep+ ,families ,home ,act ( #bjad4 #b4 ,de$-=-lease program 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,ea* s]vic] %all e/abli% a de$-=-lease program 7h]e9aft] ref]r$ to z ! ,program71 :i* %all p]mit an eligible mortgagor to-- 7,a7 ent] into a de$ 9 lieu ( =eclosure agreem5t2 7,b7 cont9ue to occupy & lease ! prop]ty t is ! subject ( su* agreem5t = a #a-ye> p]iod t beg9s on ! date ( su* agreem5t2 & 7,c7 h a "r ( fir/ refusal to pur*ase su* prop]ty aft] ! end ( ! #a-ye> lease p]iod1 if ! own] ( ! prop]ty int5ds to sell ! prop]ty at t "t4 7#b7 ,exception = small s]vic]s ,! ,program requirem5t "u p>agraph 7#a7 %all n apply to a small s]vic]1 z su* t]m is def9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,notice requirem5t ,s]vic]s %all provide ea* eligible mortgagor ) in=mation ab\t ! ,program & h[ to apply to p>ticipate 9 ! ,program4 7c7 ,lease t]ms ,a lease ent]$ into by an eligible mortgagor "u ! ,program %all-- 7#a7 c>ry a mon?ly r5t am\nt equal to ! fair m>ket r5t = su* prop]ty1 z det]m9$ by an indep5d5t private apprais] hir$ by & paid by ! s]vic]2 & 7#b7 conta9 all typical lease provisions = simil> r5tal prop]ty4 7d7 ,application process 7#a7 ,9 g5]al ,an eligible mortgagor may apply = ! ,program at any "t4 7#b7 ,effect ( =eclosure sale ,if !re is a =eclosure sale p5d+ ) respect to ! prop]ty-- 7,a7 ! eligible mortgagor may only apply = ! ,program be=e ! date t is #g days be=e ! date ( su* =eclosure sale2 & 7,b7 once ! eligible mortgagor applies = ! ,program1 ! =eclosure sale %all be halt$ until aft] ! eligible mortgagor's ,program application has be5 evaluat$4 7#c7 ,cont5ts ( application 7,a7 ,9 g5]al ,9 apply+ = ! ,program1 an eligible mortgagor %all provide ! s]vic] ) pro( ( ! foll[+ in=mation3 7i7 ,! eligible mortgagor is subject to a f9ancial h>d%ip t makes ! eligible mortgagor unable to cont9ue mak+ timely paym5ts on ! eligible mortgage loan4 7ii7 ,! eligible mortgagor is eligible to pay ! mon?ly r5t am\nt describ$ "u subsection 7c77#a7 & su* am\nt is no m ?an #ca p]c5t ( ! eligible mortgagor's mon?ly income4 7iii7 ,! eligible mortgagor curr5tly lives 9 ! prop]ty & int5ds to cont9ue do+ s dur+ ! #a-ye> lease t]m4 7,b7 ,ability to pay high] p]c5tage ( income 9 r5t ,not)/&+ subp>agraph 7,a77ii71 if an eligible mortgagor believes !y are able pay ! mon?ly r5t am\nt despite su* am\nt exce$+ #ca p]c5t ( ! eligible mortgagor's mon?ly income1 ! eligible mortgagor may reque/ t ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t review _! in=mation1 along ) any contribut+ factors ! eligible mortgagor may h 7su* z a l[ debt burd57 &1 if ! ,dep>tm5t notifies ! eligible mortgagor t ! ,dep>tm5t agrees t ! eligible mortgagor is able to pay a mon?ly r5t am\nt t is equal to a p]c5tage ( _! mon?ly income t is high] ?an #ca p]c5t1 su* high] p]c5tage %all be us$ = purposes ( subp>agraph 7,a77ii74 7#d7 ,effect ( junior li5s ,if an eligible mortgagor applies = a ,program ) respect to a s+le family prop]ty subject to a junior li5-- 7,a7 if ! s]vic] ( ! ,program is also ! hold] ( ! junior li51 ! s]vic] %all release ! junior li5 &1 subject to ! o!r requirem5ts ( ?is section1 ! eligible mortgagor %all be eligible to p>ticipate 9 ! ,program2 & 7,b7 if ! s]vic] ( ! ,program is n ! hold] ( ! junior li51 ! s]vic] %all contact su* junior li5 hold] & reque/ t ! hold] release ! li51 &-- 7i7 if ! hold] releases ! li51 !n1 subject to ! o!r requirem5ts ( ?is section1 ! eligible mortgagor %all be eligible to p>ticipate 9 ! ,program2 & 7ii7 if ! hold] does n release ! li51 !n ! eligible mortgagor %all n be eligible to p>ticipate 9 ! ,program4 7e7 ,evaluation & notification 7#a7 ,deadl9e = evaluation ,! s]vic] %all evaluate ! eligible mortgagor's application )9 #cj days ( receiv+ su* application & %all accept an eligible mortgagor into ! ,program if ! eligible mortgagor has provid$ ! pro( describ$ "u subsection 7d77#c77;,a74 7#b7 ,notification ,promptly aft] mak+ a det]m9ation "u p>agraph 7#a71 ! s]vic] %all notify ! eligible mortgagor ( su* det]m9ation 9 writ+ &1 if ! s]vic] det]m9es t ! eligible mortgagor may n be accept$ into ! ,program1 ! s]vic] %all specifically expla9 9 writ+ :y ! eligible mortgage 0 n accept$4 7f7 ,subsequ5t own]s foll[ ,program requirem5ts ,any subsequ5t own] ( ! prop]ty be+ leas$ pursuant to ! ,program %all-- 7#a7 ma9ta9 ! ,program & abide by ! t]ms ( ! ,program to ! same ext5t z ! s]vic] ( ! eligible mortgage2 & 7#b7 c]tify to ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 be=e f9aliz+ any pur*ase ( ! prop]ty1 t !y w abide by ! t]ms ( ! ,program4 7g7 ,rulemak+2 compliance evaluation ,! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t %all-- 7#a7 issue su* regulations z may be necess>y to c>ry out ?is section2 7#b7 evaluate ! compliance by s]vic]s & own]s ) ! requirem5ts ( ?is section2 & 7#c7 en=ce ! requirem5ts ( ?is section4 7h7 ,def9itions ,= purposes ( ?is section3 7#a7 ,eligible mortgagor ,! t]m eligible mortgagor means a mortgagor "u an eligible mortgage4 7#b7 ,eligible mortgage ,! t]m eligible mortgage means a fir/ or subord9ate mortgage on a prop]ty t-- 7,a7 is a s+le family prop]ty2 & 7,b7 is curr5tly be+ us$ z ! pr9cipal resid5ce ( ! eligible mortgagor4 7#c7 ,s+le family prop]ty ,! t]m s+le family prop]ty means-- 7,a7 a /ructure consi/+ ( #a to #d dwell+ units2 7,b7 a dwell+ unit 9 a multi-unit condom9ium prop]ty toge!r ) an undivid$ int]e/ 9 ! common areas & facilities s]v+ ! prop]ty2 7,c7 a dwell+ unit 9 a multi-unit project = :i* pur*ase ( /ock or a memb]%ip int]e/ entitles ! pur*as] to p]man5t occupancy ( t unit2 or 7,d7 a manufactur$ h\s+ unit4