Liquidation.

CFR · 2024-01-01 · US · Title 7

(a) (2) The Agency will charge protective advances against the borrower's account as necessary to protect the Agency's interests during liquidation in accordance with § 765.203 of this chapter. (3) When no surviving family member or third party assumes or repays a deceased borrower's loan in accordance with part 765, subpart J, of this chapter, or when the estate does not otherwise fully repay or sell loan security to repay a deceased borrower's FLP loans, the Agency will liquidate the security as quickly as possible in accordance with State and local requirements. (b) (2) Borrowers may voluntarily liquidate their security in accordance with §§ 766.352, 766.353 and 766.354. In such case, the Agency will: (i) Not delay involuntary liquidation action. (ii) Notify the borrower in accordance with subpart C of this part, prior to acting on the request for voluntary liquidation, if the conditions of paragraph (b)(1) of this section have not been met. (c) (1) The Agency may delay involuntary liquidation actions when in the Agency's financial interest for a period not to exceed 60 days. (2) The borrower must obtain the Agency's consent prior to the sale of the property. (3) If the borrower will not pay the Agency in full, the minimum sales price must be the market value of the property as determined by the Agency. (4) The Agency will accept a conveyance offer only when it is in the Agency's financial interest. (5) If a Non-program borrower does not cure the default, or cannot or will

official document · source cfr-2024 · id 7:§ 766.351