Save Our Neighborhoods Act of 2012

[AI summary unavailable — showing source text] Save Our Neighborhoods Act of 2012 - Authorizes a mortgagor of a property subject to a federally related mortgage loan to file a motion before a court in the jurisdiction in which the property is located for an order to: (1) stay any foreclosure proceedings brought against the property; (2) remain in effect for up to three years; (3) prohibit the assessment or collection of any late fees regarding payments on such loan; (4) toll the statute of limitations for any other applicable laws pertaining to such loan; (5) require the mortgagor to make payments in an appropriate amount to the mortgagee at appropriate times; and (6) require the mortgagee to apply such payments first to any taxes owed on the property, and then to property insurance obligations, interest due, and the mortgage principal due. Requires the court, if an order terminates before the mortgagor and mortgagee have submitted an agreement to the court, to enter an order: (1) ordering an appraisal by an approved licensed appraiser to determine the property's fair market value; (2) adjusting the principal amount to the property's fair market value if that value is less than the principal remaining on the mortgage loan; (3) …