Reamortization.

CFR · 2024-01-01 · US · Title 7

(a) (1) The borrower meets the loan servicing eligibility requirements in § 766.104; (2) Reamortization will bring the borrower's account current or prevent the borrower from becoming delinquent; (3) The Agency determines that reamortization will assist the borrower to repay the loan; (4) The Agency has not referred the borrower's account to OGC or the U.S. Attorney, and the Agency does not plan to refer the account to either of these two offices in the near future; (5) The borrower is in compliance with the Highly Erodible Land and Wetland Conservation requirements of 7 CFR part 12, if applicable; and (6) The loan is not currently deferred, as described in § 766.109, or set-aside, as described in subpart B of this part. The Agency may reamortize loans upon cancellation of the deferral or DSA. (b) (2) If the Agency extends the loan term, the repayment period from the original loan date may not exceed the maximum number of years for the type of loan being reamortized in paragraphs (2)(i) through (iv), or the useful life of the security, whichever is less. (i) FO, SW, RL, EE real estate-type, and EM loans made for real estate purposes may not exceed 40 years from the date of the original note or assumption agreement. (ii) EE real estate-type loans secured by chattels only may not exceed 20 years from the date of the original note or assumption agreement. (iii) RHF loans may not exceed 33 years from the date of the original note or assumption agreement. (iv) SA loans may not exc

official document · source cfr-2024 · id 7:§ 766.108