Initial Agency notification to borrower of loan servicing programs.

CFR · 2024-01-01 · US · Title 7

(a) (1) Have a current farm operating plan that demonstrates the borrower is financially distressed; (2) Are 90 days or more past due on loan payments, even if the borrower has submitted an application for loan servicing as a financially distressed borrower; (3) Are in non-monetary default on any loan agreements; (4) Have filed bankruptcy; (5) Request this information; (6) Request voluntary conveyance of security; (7) Have only delinquent SA; or (8) Are subject to any other collection action, except when such action is a result of failure to graduate. Borrowers who fail to graduate when required and are able to do so, will be accelerated without providing notification of loan servicing options. (b) (1) A borrower who is financially distressed, or current and requesting servicing will be provided FSA-2512; (2) A borrower who is 90 days past due will be sent FSA-2510 (Appendix A to this subpart) or FSA-2510-IA (Appendix B to this subpart); (3) A borrower who is in non-monetary or both monetary and non-monetary default will receive FSA-2514; (4) A borrower who has only delinquent SA will be notified of available loan servicing; (5) Notification to a borrower who files bankruptcy will be provided in accordance with subpart G of this part. (c) (d) (1) Current or financially distressed may submit a complete application any time prior to becoming 90 days past due; (2) Ninety (90) days past due must submit a complete application within 60 days from receipt of or FSA-2510-IA; (3) In n

official document · source cfr-2024 · id 7:§ 766.101