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Home Foreclosures: 38 U.S.C. § 3732. Procedure on default

(a)(1) In the event of default in the payment of any loan guaranteed under this chapter, the holder of the obligation shall notify the Secretary of such default. Upon receipt of such notice, the Secretary may, subject to subsection (c) of this section, pay to such holder the guaranty not in excess of the pro rata portion of the amount originally guaranteed.

Home Foreclosures: 38 U.S.C. § 3703. Basic provisions relating to loan guaranty and insurance

(a)(1)(A) Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes specified in section 3710 of this title and in compliance with the provisions of this chapter, is automatically guaranteed by the United States in an amount not to exceed the lesser of—

(i)(I) in the case of any loan of not more than $45,000, 50 percent of the loan;

Home Foreclosures: 38 U.S.C. § 3710. Purchase or construction of homes

(a) Except as provided in section 3704(c)(2) of this title, any loan to a veteran, if made pursuant to the provisions of this chapter, is automatically guaranteed if such loan is for one or more of the following purposes:

(1) To purchase or construct a dwelling to be owned and occupied by the veteran as a home.

(2) To purchase a farm on which there is a farm residence to be owned and occupied by the veteran as the veteran’s home.

Home Foreclosures: 50 U.S.C. § 3953. Mortgages and trust deeds

(a) Mortgage as security. This section applies only to an obligation on real or personal property owned by a servicemember that—

(1) originated before the period of the servicemember’s military service and for which the servicemember is still obligated; and

(2) is secured by a mortgage, trust deed, or other security in the nature of a mortgage.

Home Foreclosures: 50 U.S.C. § 3933. Fines and penalties under contracts

(a) Prohibition of penalties. When an action for compliance with the terms of a contract is stayed pursuant to this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix], a penalty shall not accrue for failure to comply with the terms of the contract during the period of the stay.

Home Foreclosures: 50 U.S.C. § 3917. Extension of rights and protections to reserves ordered to report for military service and to persons ordered to report for induction

(a) Reserves ordered to report for military service. A member of a reserve component who is ordered to report for military service is entitled to the rights and protections of this title and titles II and III [of this Appendix] during the period beginning on the date of the member’s receipt of the order and ending on the date on which the member reports for military service (or, if the order is revoked before the member so reports, or the date on which the order is revoked).

Home Foreclosures: 50 U.S.C. § 3935. Duration and term of stays; codefendants not in service

(a) Period of stay. A stay of an action, proceeding, attachment, or execution made pursuant to the provisions of this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix] by a court may be ordered for the period of military service and 90 days thereafter, or for any part of that period. The court may set the terms and amounts for such installment payments as is considered reasonable by the court.

Home Foreclosures: 50 U.S.C. § 3918. Waiver of rights pursuant to written agreement

(a) In general. A servicemember may waive any of the rights and protections provided by this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix]. Any such waiver that applies to an action listed in subsection (b) of this section is effective only if it is in writing and is executed as an instrument separate from the obligation or liability to which it applies.

Home Foreclosures: 50 U.S.C. § 3911. Definitions

For the purposes of this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix]:

(1) Servicemember. The term “servicemember” means a member of the uniformed services, as that term is defined in section 101(a)(5) of title 10, United States Code.

(2) Military service. The term “military service” means—

Home Foreclosures: 50 U.S.C. § 3936. Statute of limitations

(a) Tolling of statutes of limitation during military service. The period of a servicemember’s military service may not be included in computing any period limited by law, regulation, or order for the bringing of any action or proceeding in a court, or in any board, bureau, commission, department, or other agency of a State (or political subdivision of a State) or the United States by or against the servicemember or the servicemember’s heirs, executors, administrators, or assigns.

Home Foreclosures: 50 U.S.C. § 3919. Exercise of rights under Act not to affect certain future financial transactions

Application by a servicemember for, or receipt by a servicemember of, a stay, postponement, or suspension pursuant to this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix] in the payment of a tax, fine, penalty, insurance premium, or other civil obligation or liability of that servicemember shall not itself (without regard to other considerations) provide the basis for any of the following:

Home Foreclosures: 50 U.S.C. § 3914. Extension of protections to citizens serving with allied forces

A citizen of the United States who is serving with the forces of a nation with which the United States is allied in the prosecution of a war or military action is entitled to the relief and protections provided under this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix] if that service with the allied force is similar to military service as defined in this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix]. The relief and protections provided to such citizen shall terminate on the date of discharge or release from such service.

Home Foreclosures: 50 U.S.C. § 3920. Legal representatives

(a) Representative. A legal representative of a servicemember for purposes of this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix] is either of the following:

(1) An attorney acting on the behalf of a servicemember.

(2) An individual possessing a power of attorney.

Home Foreclosures: 50 U.S.C. § 4021. Anticipatory relief

(a) Application for relief. A servicemember may, during military service or within 180 days of termination of or release from military service, apply to a court for relief—

(1) from any obligation or liability incurred by the servicemember before the servicemember’s military service; or

(2) from a tax or assessment falling due before or during the servicemember’s military service.

Home Foreclosures: 50 U.S.C. § 3951. Evictions and distress

(a) Court-ordered eviction.

(1) In general. Except by court order, a landlord (or another person with paramount title) may not—

(A) evict a servicemember, or the dependents of a servicemember, during a period of military service of the servicemember, from premises—

(i) that are occupied or intended to be occupied primarily as a residence; and

Home Foreclosures: 50 U.S.C. § 3931. Protection of servicemembers against default judgments

(a) Applicability of section. This section applies to any civil action or proceeding, including any child custody proceeding, in which the defendant does not make an appearance.

(b) Affidavit requirement.

(1) Plaintiff to file affidavit. In any action or proceeding covered by this section, the court, before entering judgment for the plaintiff, shall require the plaintiff to file with the court an affidavit—

Home Foreclosures: 50 U.S.C. § 3913. Protection of persons secondarily liable

(a) Extension of protection when actions stayed, postponed, or suspended. Whenever pursuant to this Act [sections 3901 to 3915 and 3917 to 4043 of this Appendix] a court stays, postpones, or suspends (1) the enforcement of an obligation or liability, (2) the prosecution of a suit or proceeding, (3) the entry or enforcement of an order, writ, judgment, or decree, or (4) the performance of any other act, the court may likewise grant such a stay, postponement, or suspension to a surety, guarantor, endorser, accommodation maker, comaker, or other person wh

Home Foreclosures: 50 U.S.C. § 3932. Stay of proceedings when servicemember has notice

(a) Applicability of section. This section applies to any civil action or proceeding, including any child custody proceeding, in which the plaintiff or defendant at the time of filing an application under this section—

(1) is in military service or is within 90 days after termination of or release from military service; and

(2) has received notice of the action or proceeding.

(b) Stay of proceedings.

Home Foreclosures: 38 C.F.R. § 36.4320 Refunding of loans in default

(a) Upon receiving a notice of default or a notice under § 36.4317, the Secretary may require the holder upon penalty of otherwise losing the guaranty or insurance to transfer and assign the loan and the security therefore to the Secretary or to another designated by the Secretary upon receipt of payment in full of the balance of the indebtedness remaining unpaid to the date of such assignment. Such assignment may be made without recourse but the transferor shall not thereby be relieved from the provisions of § 36.4328.