
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1475]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
       CHAPTER 8A--SLUM CLEARANCE, URBAN RENEWAL, AND FARM HOUSING
 
                      SUBCHAPTER III--FARM HOUSING
 
Sec. 1475. Loan payment moratorium and foreclosure procedures


(a) Moratorium

    During any time that any such loan is outstanding, the Secretary is 
authorized under regulations to be prescribed by him to grant a 
moratorium upon the payment of interest and principal on such loan for 
so long a period as he deems necessary, upon a showing by the borrower 
that due to circumstances beyond his control, he is unable to continue 
making payments of such principal and interest when due without unduly 
impairing his standard of living. In cases of extreme hardship under the 
foregoing circumstances, the Secretary is further authorized to cancel 
interest due and payable on such loans during the moratorium. Should any 
foreclosure of such a mortgage securing such a loan upon which a 
moratorium has been granted occur, no deficiency judgment shall be taken 
against the mortgagor if he shall have faithfully tried to meet his 
obligation.

(b) Foreclosure procedures

    In foreclosing on any mortgage held by the Secretary under this 
subchapter, the Secretary shall follow the foreclosure procedures of the 
State in which the property involved is located to the extent such 
procedures are more favorable to the borrower than the foreclosure 
procedures that would otherwise be followed by the Secretary. This 
subsection shall be subject to the availability of amounts approved in 
appropriations Acts, to the extent additional budget authority is 
necessary to carry out this subsection.

(July 15, 1949, ch. 338, title V, Sec. 505, 63 Stat. 434; Pub. L. 101-
625, title VII, Sec. 707, Nov. 28, 1990, 104 Stat. 4287.)


                               Amendments

    1990--Pub. L. 101-625 amended section catchline generally, 
designated existing provisions as subsec. (a) and inserted heading, and 
added subsec. (b).
