§ 51659
67 words·~1 min read·
/ca/health-and-safety-code/51659A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event of a default on an insured loan not secured by a first mortgage, the agency may, in lieu of proceeding under Section 51658, acquire the insured loan and any security therefor upon payment to the approved lending institution of an amount equal to the unpaid principal balance of the loan, accrued interest, and other costs that the agency finds are fair, reasonable, and authorized.