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Homeownership Counseling & Commercial Loans Secured By Primary Residence

Question: 
Does the revival of the homeownership counseling requirement apply to commercial/business purpose loans that are secured by the borrower's primary residence?
Answer: 

Quoting from post by Mary Beth Guard:
"A homeowner is eligible for counseling under this provision if:
the loan is secured by the homeowner's principal residence;
the home loan is not assisted by the Farmers Home Administration; and
the homeowner is, or is expected to be, unable to make payments, correct a home loan delinquency within a reasonable time, or resume full home loan payments due to a reduction in the homeowner's income because of:
an involuntary loss of, or reduction in, the homeowner's employment, the homeowner's self-employment, or income from the pursuit of the homeowner's occupation or any similar loss or reduction experienced by any person who contributes to the homeowner's income."

You might also refer to this BOL article.

First published on BankersOnline.com 3/3/03

First published on 03/03/2003

Filed under: 
Filed under lending as: 

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