PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4241 a downpayment of less than 10 percent of the principal obligation of the mortgage, to receive counseling prior to signing of a contract to purchase the home. The counseling shall include counseling with respect to— "(i) financial management and the responsibilities involved in homeownership; "(ii) fair housing laws and requirements; "(iii) the maximum mortgage amount that the homebuyer can afford; and '(iv) options, programs, and actions available to the homebuyer in the event of actual or potential delinquency or default. " (B) EuGiBiLiTY FOR couNSEUNG.— A homebuyer shall be eligible for prepurchase counseling under this paragraph if— "(i) the homebuyer has applied for a qualified mortgage; "(ii) the homebuyer is a first-time homebuyer; and "(iii) the home to be purchased under the qualified mortgage is located in a counseling target area. " (6) FORECLOSURE-PREVENTION COUNSELING. — "(A) AVAILABILITY.— Under the demonstration program, the Secretary shall make counseling available for eligible homeowners who are 60 or more days delinquent with respect to a payment under a qualified mortgage on a home located within a counseling target area. The counseling shall include counseling with respect to options, programs, and actions available to the homeowner for resolving the delinquency or default. "(B) NOTIFICATION OF DEUNQUENCY.— Under the demonstration program, the Secretary shall require the creditor of any eligible homeowner who is delinquent (as described in subparagraph (A)) to send written notice by registered or certified mail within 5 days (excluding Saturdays, Sundays, and legal public holidays) after the occurrence of such delinquency— "(i) notifying the homeowner of the delinquency and the name, address, and phone number of the counseling organization for the counseling target area; and '(ii) notifying any counseling organization for the counseling target area of the delinquency and the name, address, and phone number of the delinquent homeowner. " (C) COORDINATION WITH EMERGENCY HOMEOWNERSHIP COUNSELING PROGRAM.— The Secretary may coordinate the provision of assistance under subsection (c) with the demonstration program under this subsection. "(D) ELIGIBILITY FOR COUNSEUNG.— A homeowner shall be eligible for foreclosure-prevention counseling under this paragraph if— "(i) the home owned by the homeowner is subject to a qualified mortgage; and "(ii) such home is located in a counseling terget area. " (7) SCOPE OF DEMONSTRATION PROGRAM. — " (A) DESIGNATION OF COUNSELING TARGET AREAS. —The Secretary shall designate 3 counseling target areas (as provided in subparagraph (B)), which shall be located in not
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