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Home Foreclosures: 38 C.F.R. § 36.4319 Servicer loss-mitigation options and incentives

(a) The Secretary will pay a servicer in tiers one, two, or three an incentive payment for each of the following successful loss-mitigation options or alternatives to foreclosure completed: repayment plans, special forbearance agreements, loan modifications, compromise sales, and deeds-in-lieu of foreclosure. Only one incentive payment will be made with respect to any default required to be reported to the Secretary pursuant to § 36.4317(c). No incentive payment will be made to a servicer in tier four.

Home Foreclosures: 12 U.S.C. § 1715u. Authority to assist mortgagors in default

(a) Loss mitigation. Upon default or imminent default, as defined by the Secretary of any mortgage insured under this subchapter, mortgagees shall engage in loss mitigation actions for the purpose of providing an alternative to foreclosure (including but not limited to actions such as special forbearance, loan modification, preforeclosure sale, support for borrower housing counseling, subordinate lien resolution, borrower incentives, and deeds in lieu of foreclosure, as required, but not including assignment of mortgages to the Secretary under section

Home Foreclosures: 24 C.F.R. § 203.500 Mortgage servicing generally

This subpart identifies servicing practices of lending institutions that HUD considers acceptable for mortgages insured by HUD. Failure to comply with this subpart shall not be a basis for denial of insurance benefits, but failure to comply will be cause for imposition of a civil money penalty, including a penalty under § 30.35(c)(2), or withdrawal of HUD’s approval of a mortgagee. It is the intent of the Department that no mortgagee shall commence foreclosure or acquire title to a property until the requirements of this subpart have been followed.

Home Foreclosures: 24 C.F.R. § 203.608 Reinstatement

The mortgagee shall permit reinstatement of a mortgage, even after the institution of foreclosure proceedings, if the mortgagor tenders in a lump sum all amounts required to bring the account current, including foreclosure costs and reasonable attorney’s fees and expenses properly associated with the foreclosure action, unless: (a) The mortgagee has accepted reinstatement after the institution of foreclosure proceedings within two years immediately preceding the commencement of the current foreclosure action, (b) reinstatement will preclude foreclosure following a subs

Home Foreclosures: 24 C.F.R. § 203.600 Mortgage collection action

Subject to the requirements of this subpart, mortgagees shall take prompt action to collect amounts due from mortgagors to minimize the number of accounts in a delinquent or default status. Collection techniques must be adapted to individual differences in mortgagors and take account of the circumstances peculiar to each mortgagor.

Home Foreclosures: 24 C.F.R. § 203.614 Special forbearance

If the mortgagee finds that a default is due to circumstances beyond the mortgagor’s control, as defined by HUD, the mortgagee may grant special forbearance relief to the mortgagor in accordance with the conditions prescribed by HUD.

[60 Fed. Reg. 57,678 (Nov. 16, 1995); 61 Fed. Reg. 35,020 (July 3, 1996); 62 Fed. Reg. 60,129 (Nov. 6, 1997)]

Home Foreclosures: 24 C.F.R. § 203.602 Delinquency notice to mortgagor

The mortgagee shall give notice to each mortgagor in default on a form supplied by the Secretary or, if the mortgagee wishes to use its own form, on a form approved by the Secretary, no later than the end of the second month of any delinquency in payments under the mortgage. If an account is reinstated and again becomes delinquent, the delinquency notice shall be sent to the mortgagor again, except that the mortgagee is not required to send a second delinquency notice to the same mortgagor more often than once each six months.

Home Foreclosures: 24 C.F.R. § 203.616 Mortgage modification

The mortgagee may modify a mortgage for the purpose of changing the amortization provisions by recasting the total unpaid amount due for a term not exceeding 360 months. The mortgagee must notify HUD of such modification in a format prescribed by HUD within 30 days of the execution of the modification agreement.

[61 Fed. Reg. 35,020 (July 3, 1996); 62 Fed. Reg. 60,130 (Nov. 6, 1997)]

Home Foreclosures: 24 C.F.R. § 203.605 Loss mitigation performance

(a) Duty to mitigate. Before four full monthly installments due on the mortgage have become unpaid, the mortgagee shall evaluate on a monthly basis all of the loss mitigation techniques provided at § 203.501 to determine which is appropriate. Based upon such evaluations, the mortgagee shall take the appropriate loss mitigation action. Documentation must be maintained for the initial and all subsequent evaluations and resulting loss mitigation actions.

Home Foreclosures: 24 C.F.R. § 203.606 Pre-foreclosure review

(a) Before initiating foreclosure, the mortgagee must ensure that all servicing requirements of this subpart have been met. The mortgagee may not commence foreclosure for a monetary default unless at least three full monthly installments due under the mortgage are unpaid after application of any partial payments that may have been accepted but not yet applied to the mortgage account.

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: 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.

Student Loan Law: Sample Pleadings, Letters, and Discovery Requests

A variety of sample pleadings, letters, and discovery requests related to a range of student loan and school misconduct issues are available under the Pleadings and Discovery category in this treatise’s online companion materials. There are many issues covered in these documents, including:

Student Loan Law: Introduction

Reprinted below are selected regulations for the Direct Loan, Federal Family Education Loan (FFEL), and Perkins Loan programs, as well as selected regulations regarding institutional eligibility requirements, student assistance general provisions, debt collection procedures, and private student loans. Selected regulatory history is available under the Primary Sources category in this treatise’s online companion materials.

Automobile Fraud: Listing of Provisions

TITLE 49. TRANSPORTATION

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Chapter V. National Highway Traffic Safety Administration, Department of Transportation

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Part 580—Odometer Disclosure Requirements

Sec.

580.1 Scope.

580.2 Purpose.

580.3 Definitions.

580.4 Security of physical documents, electronic titles and electronic powers of attorney.

580.5 Disclosure of odometer information.

Automobile Fraud: § 580.1 Scope.

This part prescribes rules requiring transferors and lessees of motor vehicles to make electronic or written disclosure to transferees and lessors respectively, concerning the odometer mileage and its accuracy as directed by sections 408(a) and (e) of the Motor Vehicle Information and Cost Savings Act as amended, 49 U.S.C. 32705(a) and (c).

Automobile Fraud: § 580.2 Purpose.

The purpose of this part is to provide transferees of motor vehicles with odometer information to assist them in determining a vehicle’s condition and value by making the disclosure of a vehicle’s mileage a condition of title and by requiring lessees to disclose to their lessors the vehicle’s mileage at the time the lessee returns the vehicle to the lessor.

Automobile Fraud: § 580.5 Disclosure of odometer information.

(a) At the time a physical or electronic title is issued or made available to the transferee, it must contain the mileage disclosed by the transferor when ownership of the vehicle was transferred and contain a space for the information required to be disclosed under paragraphs (c) through (f) of this section at the time of future transfer.