Bankruptcy.

CFR · 2024-01-01 · US · Title 7

(a) (1) Monitoring confirmed bankruptcy plans to determine Borrower compliance, and, if the Borrower fails to comply, pursue appropriate relief; (2) Filing all the necessary papers and pleadings concerning the case, including where appropriate a proof of claim; (3) Attending and, where necessary, participating in meetings of the creditors and all court proceedings; (4) Requesting modifications of any proposed bankruptcy plan whenever it appears that the Lender could obtain additional recoveries via plan modification; (5) Keeping the Agency adequately and regularly informed in writing of all aspects of the proceedings; (6) Submitting a Default status report within 15 days after the date when the Borrower Defaults and every 30 days thereafter until the Default is resolved or a final loss claim is paid by the Agency. The Default status report will be used to inform the Agency of the bankruptcy filing, the plan confirmation date, when the plan is complete, and when the Borrower is not in compliance with the plan; and (7) With written Agency consent, the Lender and Agency will equally share the cost of any independent appraisal fee to protect the guaranteed loan in any bankruptcy proceedings. (b) (1) (ii) The Lender must use the Guaranteed Loan Report of Loss to request an estimated loss payment and to revise any estimated loss payments during the course of the bankruptcy plan. The estimated loss claim, as well as any revisions to this claim, must be accompanied by documentation t

official document · source cfr-2024 · id 7:§ 4287.370