Delinquent servicing and collecting on guarantee.

CFR · 2024-01-01 · US · Title 7

(a) (1) Must make a written demand on the buyer for payment of the defaulted amount within 30 days of the missed payment, taxes, or insurance and send a copy of the demand letter to the Agency and to the seller; and (2) Must make demand on the Agency within 90 days from the original payment, taxes, or insurance due date, for the missed payment in the event the buyer has not made the payment. (b) (1) Must make a written demand on the buyer for payment of the defaulted amount within 30 days of the missed payment, and send a copy of the demand letter to the Agency and to the seller; and (2) Must immediately inform the Agency which option the seller has chosen for establishing the amount of the loss, in the event the buyer does not make the payment within 60 days of the demand letter. (i) (A) Submit a liquidation plan to the Agency within 120 days from the missed payment for approval prior to any liquidation action. The Agency may require and pay for an appraisal (B) Complete liquidation within 12 months of the missed installment unless prevented by bankruptcy, redemption rights, or other legal action. (C) Credit an amount equal to the sale price received in a liquidation of the security property, with no deduction for expenses, to the principal balance of the land contract. (D) File a loss claim immediately after liquidation, which must include a complete loan ledger. (E) Base the loss claim amount on the appraisal method if the property is reacquired by the seller, through liqu

official document · source cfr-2024 · id 7:§ 763.20