Voluntary liquidation.

CFR · 2024-01-01 · US · Title 7

The lender must have exhausted the servicing options outlined in §§ 3555.302 through 3555.304 to cure the delinquency before considering voluntary liquidation. The methods of voluntary liquidation of the security property outlined in this section may be used to protect the interests of the Government. (a) (1) The loan is at least 30 days delinquent or meets the imminent default definition as outlined in § 3555.303(a)(2); (2) The default was caused by an involuntary reason; and (3) The borrower must presently occupy the property except in situations where the borrower does not occupy the property due to the same involuntary reason that led to the default. (b) (c) (d) (e)

official document · source cfr-2024 · id 7:§ 3555.305