Bill Type
Congress Name
Long Title
AN ACT PROVIDING FOR A THREE (3)-YEAR MORATORIUM ON THE FORECLOSURE OF MORTGAGE OF HOUSING UNITS TO ANY OF THE GOVERNMENT INSTITUTIONS AND AGENCIES INVOLVED IN THE NATIONAL SHELTER PROGRAM
Date filed
May 6, 2002
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 4748, 12th Congress of the Republic | |
| FULL TITLE : AN ACT PROVIDING FOR A THREE (3)-YEAR MORATORIUM ON THE FORECLOSURE OF MORTGAGE OF HOUSING UNITS TO ANY OF THE GOVERNMENT INSTITUTIONS AND AGENCIES INVOLVED IN THE NATIONAL SHELTER PROGRAM | |
| ABSTRACT : There shall be a moratorium on the foreclosure of mortgage of housing units with any of the government institutions and agencies involved in the National shelter Program for a period of three (3) years from the effectivity of this Act. During this period, interest on outstanding balances on such housing units shall be suspended. After this period, homeowners may be allowed to pay their monthly amortization according to the payment scheme subsequently devised for this purpose by the National Home Mortgage Finance Corporation. | |
| PRINCIPAL AUTHOR/S : BIAZON, ROZZANO RUFINO B. | |
| DATE FILED : 2002-05-06 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Umali (085 ) | 2. Ylagan (085 ) |
| 3. Nantes (002 ) | 4. Chipeco (007 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 5553, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON HOUSING AND URBAN DEVELOPMENT ON 2002-05-13 |
Abstract
There shall be a moratorium on the foreclosure of mortgage of housing units with any of the government institutions and agencies involved in the National shelter Program for a period of three (3) years from the effectivity of this Act. During this period, interest on outstanding balances on such housing units shall be suspended. After this period, homeowners may be allowed to pay their monthly amortization according to the payment scheme subsequently devised for this purpose by the National Home Mortgage Finance Corporation.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.