24 CFR 1005.761 - Fee simple properties—foreclosure or assignment with HUD approval.

Regulations last checked for updates: Feb 22, 2025

Title 24 - Housing and Urban Development last revised: Feb 11, 2025

View all text of Subpart G [§ 1005.701 - § 1005.773]

§ 1005.761 - Fee simple properties—foreclosure or assignment with HUD approval.

(a) Unless a Borrower has completed a pre-foreclosure sale or a deed-in-lieu of foreclosure in accordance with §§ 1005.753 and 1005.755, the Servicer must complete First Legal Action on the Section 184 Guaranteed Loan pursuant to § 1005.763.

(b) Under limited circumstances, HUD may approve an assignment of a Section 184 Guaranteed Loan to HUD for fee simple land properties.

authority: 12 U.S.C. 1715z-13a; 15 U.S.C. 1639c; 42 U.S.C. 3535(d)

source: 89 FR 20056, Mar. 20, 2024; 89 FR 22084, Mar. 29, 2024, unless otherwise noted.

cite as: 24 CFR 1005.761