Actions required after acquisition of property.

CFR · 2024-01-01 · US · Title 7

The approval official may employ the services of local designated attorneys, of a case by case basis, to process all legal procedures necessary to clear the title of foreclosure properties. Such attorneys shall be compensated at not more than their usual and customary charges for such work. Contracting for such attorneys shall be accomplished pursuant to the Federal acquisition regulations and related procurement regulations and guidance. (a)-(d) [Reserved] (e) (i) In a voluntary conveyance case where the debt exceeds the market value of the property and the borrower is (ii) In a foreclosure where the bid is less than the account balance and a deficiency judgment will be sought for the difference, in which case the account credit will be the amount of Rural Development's bid. (2) (i) In a voluntary conveyance case: (A) Where the market value of the property equals or exceeds the debt or where the borrower is released from liability for any difference, the account will be satisfied. (B) Where the debt exceeds the market value of the property and the borrower is (ii) In a foreclosure, the account credit will be the amount of Rural Development's bid (3) (4) (i) If the market value of the acquired property equals or exceeds the debt, the account will be satisfied. (ii) If the debt exceeds the market value of the acquired property, the account credit will be the market value. (f)-(l) [Reserved]

official document · source cfr-2024 · id 7:§ 1955.18