Acceleration of loans to American Indian borrowers.

CFR · 2024-01-01 · US · Title 7

(a) (2) The Agency accelerates all of the borrower's loans at the same time, regardless of whether each individual loan is delinquent or not. (3) All borrowers must receive prior notification in accordance with subpart C of this part, except for borrowers who fail to graduate in accordance with § 766.101(a)(8). (4) At the time of acceleration, the Agency will notify the borrower and the Tribe that has jurisdiction over the Indian reservation of: (i) The possible outcomes of a foreclosure sale and the potential impacts of those outcomes on rights established under paragraphs (a)(4)(ii) and (iii) of this section; (ii) The priority for purchase of the property acquired by the Agency through voluntary conveyance or foreclosure; (iii) Transfer of acquired property to the Secretary of the Interior if the priority of purchase of the property established under paragraph (a)(4)(ii) of this section is not exercised. (b) (1) Request the Tribe, having jurisdiction over the Indian reservation in which the real property is located, be assigned the loan; (i) The Tribe will have 30 calendar days after the Agency notification of such request to accept the assignment of the loan. (ii) The Tribe must pay the Agency the lesser of the outstanding Agency indebtedness secured by the real estate or the market value of the property. (iii) The Tribe may pay the amount in a lump sum or according to the rates, terms and requirements established in part 770 of this chapter, subject to the following: (A)

official document · source cfr-2024 · id 7:§ 766.356