Liquidation.

CFR · 2024-01-01 · US · Title 7

In the event of one or more incidents of Default or third party actions that the Borrower cannot or will not cure or eliminate within a reasonable period of time, the Lender, with Agency consent, must provide for liquidation. (a) (1) A loan is 90 days behind on any scheduled payment and the Lender and the Borrower have not been able to cure the Delinquency through actions such as those contained in § 4287.345. (2) It is determined that delaying liquidation will jeopardize full recovery on the loan. (3) The Borrower or Lender is uncooperative in resolving the problem or the Agency or Lender has reason to believe the Borrower is not acting in good faith, and immediate liquidation would minimize loss to the Agency. (b) (c) (1) Such proof as the Agency requires to establish the Lender's ownership of the guaranteed loan Promissory Note and related security instruments and a copy of the payment ledger, if available, that reflects the current loan balance, accrued Interest to date, and the method of computing the Interest; (2) A full and complete list of all Collateral, including any personal and corporate guarantees; (3) The recommended liquidation methods for making the maximum collection possible on the indebtedness and the justification for such methods, including recommended action for acquiring and disposing of all Collateral and collecting from guarantors; (4) Necessary steps for preservation of the Collateral; (5) Copies of the Borrower's most recently available financial st

official document · source cfr-2024 · id 7:§ 4287.357