Skip to main content

Search

Consumer Credit Regulation: La. Stat. Ann. §§ 9:3511 to 9:3577.5 (Consumer Credit Code).

Scope: Consumer credit sales, defined as a sale of goods or services for personal, family, or household purposes in which purchaser is permitted to defer all or part of purchase price or other consideration in two or more installments. Excludes leases of personal property where lessee agrees to pay a sum equal to or greater than the initial value of the leased property and will become or has the option to come its owner for no additional consideration or nominal consideration. § 9:3516(12).

Consumer Credit Regulation: La. Stat. Ann. §§ 6:969.1 to 6:969.54 (Motor Vehicle Sales Finance Act).

Scope: Motor vehicle credit transactions. Excludes extensions of credit to business entities, including government or governmental agencies or instrumentalities, extensions of credit primarily for business, commercial or agricultural purposes, and open-end credit transactions, including revolving loan and lender credit card transactions that may involve the secured purchase money financing of a motor vehicle. § 6:969.3.

Home Foreclosures: 42 U.S.C. § 1471. Financial assistance by Secretary of Agriculture

(a) Authorization and purposes of assistance. The Secretary of Agriculture (hereinafter referred to as the “Secretary”) is authorized, subject to the terms and conditions of this subchapter, to extend financial assistance, through the Farmers Home Administration, (1) to owners of farms in the United States and in the Territories of Alaska and Hawaii and in the Commonwealth of Puerto Rico, the Virgin Islands, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands, to enable them to construct, improve, alter,

Home Foreclosures: Section 1472(d) through (f)

(d) Dwelling units available to very low-income families or persons. On and after November 30, 1983—

(1) not less than 40 percent of the funds approved in appropriation Acts for use under this section shall be set aside and made available only for very low-income families or persons; and

(2) not less than 30 percent of the funds allocated to each State under this section shall be available only for very low-income families or persons.

Home Foreclosures: Amendment History

[July 15, 1949, ch. 338, tit. V, § 502, 63 Stat. 433; Pub. L. No. 87-70, tit. VIII, § 801(b), 75 Stat. 186 (June 30, 1961); Pub. L. No. 87-723, § 4(a)(2), 76 Stat. 671 (Sept. 28, 1962); Pub. L. No. 89-117, tit. X, § 1002, 79 Stat. 497 (Aug. 10, 1965); Pub. L. No. 89-754, tit. VIII, § 802, 80 Stat. 1282 (Nov. 3, 1966); Pub. L. No. 93-383, tit. V, § 505(b), 88 Stat. 693 (Aug. 22, 1974); Pub. L. No. 95-128, tit. V, § 502(a), 91 Stat. 1139 (Oct. 12, 1977); Pub. L. No. 96-153, tit. V, § 503, 93 Stat. 1134 (Dec. 21, 1979); Pub. L. No. 96-399, tit. V, § 514(a), 94 Stat. 1671 (Oct. 8, 1980); Pub.

Home Foreclosures: 7 C.F.R. § 3550.4 Reviews and appeals

Whenever RHS makes a decision that is adverse to a participant, RHS will provide the participant with written notice of such adverse decision and the participant’s rights to a USDA National Appeals Division hearing in accordance with 7 C.F.R. part 11. Any adverse decision, whether appealable or non-appealable may be reviewed by the next-level RHS supervisor.

Home Foreclosures: 7 C.F.R. § 3550.68 Payment subsidies

RHS administers three types of payment subsidies: interest credit, payment assistance method 1, and payment assistance method 2. Payment subsidies are subject to recapture when the borrower transfers title or ceases to occupy the property.

(a) Eligibility for payment subsidy.

(1) Applicants or borrowers who receive loans on program terms are eligible to receive payment subsidy if they personally occupy the property and have adjusted income at or below the applicable moderate-income limit.

Home Foreclosures: 7 C.F.R. § 3550.69 Deferred mortgage payments

For qualified borrowers, RHS may defer up to 25 percent of the monthly principal and interest payment at 1 percent for up to 15 years. This assistance may be granted only at initial loan closing and is reviewed annually. Deferred mortgage payments are subject to recapture when the borrower transfers title or ceases to occupy the property.

(a) Eligibility. In order to qualify for deferred mortgage payments, all of the following must be true:

Home Foreclosures: 7 C.F.R. § 3550.204 Payment assistance

Borrowers who are eligible may be offered payment assistance in accordance with subpart B of this part. Borrowers who are not eligible for payment assistance because the loan was approved before August 1, 1968, or the loan was made on above-moderate or nonprogram (NP) terms, may refinance the loan in order to obtain payment assistance if:

(a) The borrower is eligible to receive a loan with payment assistance;

Home Foreclosures: 7 C.F.R. § 3550.205 Delinquency workout agreements

Borrowers with past due accounts may be offered the opportunity to avoid liquidation by entering into a delinquency workout agreement that specifies a plan for bringing the account current. To receive a delinquency workout agreement, the following requirements apply:

(a) A borrower who is able to do so will be required to pay the past-due amount in a single payment.

Home Foreclosures: 7 C.F.R. § 3550.207 Payment moratorium

RHS may defer a borrowers scheduled payments for up to 2 years. NP borrowers are not eligible for a payment moratorium.

(a) Borrower eligibility. For a borrower to be eligible for a moratorium, all of the following conditions must be met:

(1) Due to circumstances beyond the borrower’s control, the borrower is temporarily unable to continue making scheduled payments because:

Home Foreclosures: 7 C.F.R. § 3550.208 Reamortization using promissory note interest rate

Reamortization using the promissory note interest rate may be authorized when RHS determines that reamortization is required to enable the borrower to meet scheduled obligations, and only if the Government’s lien priority is not adversely affected.

(a) Permitted uses. Reamortization at the promissory note interest rate may be used to accomplish a variety of servicing actions, including to:

(1) Repay unauthorized assistance due to inaccurate information.

Home Foreclosures: 7 C.F.R. § 3550.211 Liquidation

(a) Policy. When RHS determines that a borrower is unable or unwilling to meet loan obligations, RHS may accelerate the loan and, if necessary, acquire the security property. The borrower is responsible for all expenses associated with liquidation and acquisition. If the account is satisfied in full, the borrower will be released from liability. If the account is not satisfied in full, RHS may pursue any deficiency unless the borrower received a moratorium at any time during the life of the loan and faithfully tried to repay the loan.

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.