mortgages eligible for assistance

mortgages eligible for assistance Sec. 103. No assistance shall be extended with respect to any mortgage under this title unless— (1) the holder of the mortgage has indicated to the mortgagor its intention to foreclose; (2) the mortgagor and holder of the mortgage have indicated in writing to the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) and to any agency or department of the Federal Government responsible for the regulation of the holder that circumstances (such as the volume of delinquent loans in its portfolio) make it probable that there will be a foreclosure and that the mortgagor is in need of emergency mortgage relief as authorized by this title, except that89 STAT. 250 such statement by the holder of the mortgage may be waived by the Secretary if in his judgment such waiver would further the purposes of this title; (3) payments under the mortgage have been delinquent for at least three months; (4) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or under-employment due to adverse economic conditions and is financially unable to make full mortgage payments; (5) there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (6) the mortgaged property is the principal residence of the mortgagor.